London cargo bike delivery company Pedal Me enters administration, but future secured

Existing shareholders purchase business back from administrators, but crowdfunding investors left empty handed

Pedal Me
(Image credit: Pedal Me/@pedalmeapp on X)

London-based cargo bike delivery service Pedal Me entered administration last week, after it failed to reach a deal with the British tax authority, HMRC, over debts. The business was then bought back from administrators, meaning it will continue trading.

However, crowdfunding investors who put money into the start-up have been left with nothing; its three rounds of crowdfunding have raised hundreds of thousands of pounds for the company over the last few years. Its last round, in 2021, raised £584,711.

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Adam Becket
News editor

Adam is Cycling Weekly’s news editor – his greatest love is road racing but as long as he is cycling on tarmac, he's happy. Before joining Cycling Weekly he spent two years writing for Procycling, where he interviewed riders and wrote about racing. He's usually out and about on the roads of Bristol and its surrounds. Before cycling took over his professional life, he covered ecclesiastical matters at the world’s largest Anglican newspaper and politics at Business Insider. Don't ask how that is related to cycling.