Published at 11/23/2023
UNU aims to restart and restructure in insolvency proceedings
Berlin, November 24, 2023 – The Berlin-based electric scooter manufacturer UNU filed for insolvency at the Berlin Charlottenburg Local Court on November 23, 2023. The local court has appointed Dr. Gordon Geiser from the law firm GT Restructuring as provisional insolvency administrator. UNU was founded in 2013 with the mission of developing the best and most sustainable mobility solution for the city. The stylish e-scooters are sold in Germany, Austria, France and the Netherlands, and the company currently employs around fifty people.
- Ten years after its founding, UNU is facing its biggest challenge yet
- Reasons for the insolvency are increased material and transportation costs, higher operational costs and the sharp drop in demand due to inflation
- Business operations will continue as part of the insolvency proceedings and restructuring is being sought
Reasons for the insolvency
UNU has already overcome several significant challenges in recent years, From a six-month pandemic-related production shutdown to a devastating warehouse fire and the far-reaching effects of the chip and container crises. Despite these challenges, the company has managed to significantly reduce its losses since the start of the coronavirus pandemic. However, the current inflation and the reluctance of many customers has caused the market for scooters in the company's core markets to collapse by over 50 percent. This sharp drop in demand, combined with increased material and logistics costs, has increasingly jeopardized UNU's business model. As a result of these developments, the current financing round could not be successfully completed. Therefore, the management was forced to file for insolvency because the company's financing was not secured for the next twelve months. With its scooters, UNU is selling not just a product but a lifestyle. The focus is on a modern, sustainable and quiet way of getting around in the city and in urban areas, with plenty of riding fun included. As the leading German manufacturer of electric scooters, UNU is a strong brand and is known both nationally and internationally. In 2023, the company fundamentally renewed its scooter subscription and also expanded its offline presence with retail partners. "For this reason, we see a good chance of achieving a restructuring solution and continuing the sale and service of the scooters," explains insolvency administrator Dr. Gordon Geiser from GT Restructuring.
"We would like to thank our customers, partners and employees for their support over the past ten years and would like to offer all stakeholders the greatest possible transparency in this process. By driving our scooters every day, our mission is continuously supported. We hope that our journey and that of our scooters does not end here, but continues in the future. Sustainability, e-mobility and alternative forms of mobility are not just a trend, they are the future. The sharp drop in demand for electric vehicles this year is a result of general inflation. Together with our team, we are firmly convinced that we offer a better way to get around the city," add Mathieu Caudal and Pascal Blum, founders and managing directors of UNU.
unu is one of the leading German manufacturers for electric scooters. Founded in 2013 by Pascal Blum, Mathieu Caudal and Elias Atahi, the team designs the e-scooters in Berlin. The e-scooters are equipped with two different motors: The entry-level unu Scooter Move with a 2 kW motor and the fully connected unu Scooter Pro with a 4 kW motor. In addition to an under-seat storage capacity of 33.4 litres, the range of both models is up to 50 km, doubling to up to 100 km with a second battery. The e-scooters are currently available for purchase in Germany, Austria, France and the Netherlands. The scooter subscription for a term of 36 or 48 months is currently available only in Germany. Recently, employees have been able to lease the e-scooters from the provider Lease-a-Bike as an alternative to a company bike. More information about unu and its products can be found at www.unumotors.com.
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