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Insolvency documents show electric truck startup Arrival has failed, with Arrival collapsing owing nearly £200m and holding less than £150,000 in cash.
Expats' debts range from £10m owed to HMRC to £650,000 to various local council and magazine subscription and coffee roasting businesses and £720 to a document shredding company. It also owes £421 to Addison Lee's tenant group and £4,000 to a landscape gardener.
Some of the unpaid bills stretch back at least two years, according to people familiar with a list of creditors issued by management company EY.
With early support from Hyundai, the company was once valued at $15 billion when it listed on the Nasdaq in 2021.
The company, which had never generated revenue, was cutting jobs before collapsing to contain costs. At one point, Arrival said it had let go so many people that it couldn't file its accounts, which ultimately led to its delisting from the Nasdaq.
The company's UK branch fell into administration earlier this year.
The “Statement of Affairs” issued by officials at EY is an assessment of the status and assets of Access. Full details will be published in other documents in the coming weeks.
The latest filing shows the company had less than £150,000 in cash when it collapsed, and owed more than £73m to other parts of the company. The document shows that Aral owes about £87 million to secured creditors, £2 million to preferential creditors, and a further £102 million to unsecured creditors.
Many of the company's assets, including machinery, computer equipment, and furniture, are worth a fraction of their original value. These include cars worth £84,000.
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The documents, in which the figures were estimated, put the value of Arrival's intellectual property at £50 million. The company developed a new, highly automated method of building vehicles using small-scale factories and prefabricated body panels, but the system never produced a working vehicle. It later emerged that the first truck the company built using the factory was largely hand-built.
The document also shows the spread of debts inside and outside the company. Seven current or former employees are entitled to nearly £17,000 in total. The company also owes money to several other access entities, including a £1.1 million debt to a subsidiary in Mauritius. The company once considered opening an office on the tropical island, where one of its directors has family connections.
It also owes £211,000 to consultancy McKinsey and £295,000 to EY, which handles the administrative process. Other creditors include Savills, LinkedIn, Amazon Web Services and the Immigration Agency.
