The Mayor’s Energy Efficiency Fund, set up by Sadiq Khan, injected £3.2m into Breathe in March 2022, 15 months before it called in administrators, Sky News learns
London taxpayers could face millions of pounds in losses after an electric vehicle company backed by Sadiq Khan collapsed into administration.
Sky News can reveal that the Mayor of London's Energy Efficiency Fund injected more than £3m into Breathe, which provides EVs including Teslas to private-hire drivers.Breathe operates a subscription service allowing customers to take full ownership of their car at the end of the period.Insolvency practitioners from Begbies Traynor were appointed as administrators to Breathe earlier this week.
"MEEF's original investment of £3.2m in Breathe represents less than 1% of the total funding mobilised by the fund to date."The appointed administrators are working with all parties to complete a sale of the business and if needed realise assets to enable the debt to be repaid."
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