Tue, 01 Apr 2014 | ADMINISTRATION
Ecoigo Limited, one of the UK’s leading eco-friendly car services, has entered administration.
Found in 2006, the company provides ecologically friendly car services as a greener alternative to taxis or car hire. The London-based firm boasts a fleet of over 90 Toyota Prius and Hybrid Mercedes and it also works alongside The World Land Trust in order to offset carbon emissions.
Simon Thomas and Nicholas O’Reilly of restructuring and insolvency firm Moorfields Corporate Recovery LLP, were appointed administrators at the end of last week. The administrators announced that the company would continue trading while a buyer is sought.
The news comes after the company struggled to make a profit in the recession, citing "strong competition" from other firms as the main factor. Other car hire companies and taxi providers were able to provide cheaper services while Ecoigo stuck to its environmentalist ethos.
In a statement Simon Thomas said: “Unfortunately the recession has seen a number of businesses face financial difficulty despite having a strong customer proposition.
“Ecoigo faced strong competition from convenience style taxi firms but with its strong proposition, provides a good opportunity for potential purchasers.”
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Related information:
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