Oliver Fitzpatrick, Partner in the Business Support and Insolvency Team, acted for Otto Car Limited in its purchase of the collapsed firm’s business and assets from its administrators.
Breathe EV operated a fleet of over 100 electric vehicles leased out to private-hire drivers. Breathe had attracted investment from the Mayor of London’s Energy Efficiency Fund (MEEF) which is designed to deliver carbon and energy savings to the public and private sectors.
A spokesperson for the Mayor of London, said: “The MEEF is the largest of its kind in the UK and has already invested in 18 projects across London mobilising over £399 million of investment which is expected to save over 38,000 tonnes of carbon dioxide and nearly 40 million kWh of energy.
“The Mayor is pleased that Otto Car is acquiring the business and assets of Breathe and therefore securing the Mayor’s investment.”
By completing the deal, Otto Car was able to ensure the continuation of over 100 driver subscription agreements, preserve livelihoods and ultimately preventing the MEEF from losing its investment in the company.
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