Onto, which had raised hundreds of millions of dollars in debt and equity financing, called in administrators on Monday after failing to find a buyer, Sky News learns.
Onto, which operates an electric vehicle subscription service, has drafted in Deloitte to explore a sale weeks after Legal & General said it would not inject more money, Sky News learns.
L&G has informed Onto that it will not provide additional funding to the EV subscription company weeks after injecting a further £22.5m, Sky News can reveal.