The London-based firm specialises in offering EVs and versatile car financing to drivers of corporations akin to Uber.
The London-based firm specialises in offering EVs and versatile car financing (Picture: Getty)
Within the newest blow to the enterprise sector, a London-based firm specialising in offering electrical vehicles and versatile car financing particularly for ride-hailing drivers, akin to these working for Uber and Bolt, has entered administration. WeFlex, which primarily serves drivers in London and Birmingham, appointed directors on April 13, with its driver agreements now being managed by a companion firm.
Designed to bridge the hole between conventional automotive rental and long-term possession for gig financial system employees, WeFlex was based in 2016 by Nicko Williamson. Within the final eight years, they’ve constructed a staff of over 50 individuals and a fleet of greater than 2,300 autos. The enterprise focuses on a rent-to-buy mannequin, by which drivers make weekly funds in direction of the eventual possession of an electrical automotive – a way more versatile settlement that may be terminated at quick discover. In addition they present vehicles which are already licensed for Non-public Rent (PCO) and registered with main ride-hailing apps, permitting drivers to begin working nearly instantly.
The enterprise has been serving to drivers of Bolt and Uber safe car financing (Picture: Getty)
Since 2020, WeFlex transitioned to an EV-only fleet to align with London’s Clear Air rules and Uber’s pledge to be absolutely electrical by 2025.
WeFlex markets itself as a “one-stop store” for ride-hailing drivers by bundling important prices right into a single weekly fee, with upkeep, highway tax and annual Non-public Rent Car (PHV) licensing typically included.
Nonetheless, in keeping with latest updates on their official web site, WeFlex Ltd is at present in administration. The enterprise and its property are being managed by Joint Directors Patrick Donnan, David Hudson and Anthony John Wright, all of FRP Advisory Buying and selling Restricted, which is predicated in London.
As an alternative of an entire shutdown, WeFlex has partnered with Otto Automobile – one other UK-based automotive providers firm – to make sure that drivers at present on the highway should not stranded. Drivers needing help or with queries about their autos are actually directed to contact the enterprise by way of a chosen e-mail deal with. All present WeFlex driver contracts are actually being managed by Otto Automobile. Whereas authentic contract phrases, akin to weekly worth and remaining time period, usually stay the identical, drivers are required to signal a brand new Industrial Rent Settlement (CHA) with Otto Automobile to formalise the transition.
An “Vital Discover” on the prime of WeFlex’s web site reads: “Please be suggested that Patrick Donnan, David Hudson and Anthony John Wright had been appointed as Joint Directors of Weflex Ltd (In Administration) on 13 April 2026. The affairs, enterprise and property of Weflex Ltd (In Administration) are actually being managed by the Joint Directors, who act as brokers of the Weflex Ltd (In Administration) and with out private legal responsibility.
“All driver agreements are actually being managed by Otto Automobile. If you’re a driver and have a question in relation to your car or settlement, please contact them on weflexsupport@ottocar.co.uk. Ought to any have another queries, please contact the Directors at weflexltd@frpadvisory.com.”
In late 2024, WeFlex secured £40million in debt financing and was named considered one of The Sunday Occasions’ fastest-growing corporations.
The Categorical contacted WeFlex’s directors for remark, and a spokesperson stated: “Patrick Donnan, David Hudson and Anthony Wright of specialist enterprise advisory agency FRP had been appointed as Joint Directors to WeFlex Restricted (“the Firm”) on thirteenth April 2026.
“The Firm had skilled important monetary difficulties as a result of a sustained decline within the worth of its electrical car fleet, which undermined its funding mannequin and skill to function competitively. Because of this, the enterprise has entered right into a wind down course of as a part of the administration.
“Previous to the directors’ appointment, 22 of the Firm’s 30 workers had been made redundant on tenth April 2026. The remaining eight workers have been retained to help the directors with an orderly wind down of the enterprise. The directors will help these affected with claims to the Redundancy Funds Service.”
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Patrick Donnan, Director at FRP and Joint Administrator of WeFlex Restricted, stated: “WeFlex constructed a sizeable electrical car platform supporting drivers throughout the personal rent sector. Nonetheless, the depreciation in electrical car values has considerably impacted the enterprise mannequin and its skill to function sustainably.
“Following the switch of the funded fleet to another servicer, our focus is now on supporting workers by way of the redundancy course of and realising worth from the remaining unencumbered property for the good thing about collectors.”
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