Durham insurance tech company Honcho is set to be liquidated following the appointment of a London restructuring company.
Business Live revealed last week how the Aykley Heads based business had ceased trading, announcing the closure on its website while citing rising costs and a highly competitive marketplace. The company, incorporated in 2014 by Gavin Sewell and Frank Speight, set out to disrupt the market through its app and website, operating a reverse auction system where insurers could bid for drivers’ insurance contracts, with an app that allows insurers to bid for consumers’ business and compete with each other to offer the best value package in real time.
Honcho Markets Ltd, which traded as Honcho, put growth plans into action with more than £3m in investment through a range of sources, including grant funding, angel investors, crowdfunding and venture capital investments. Restructuring and recovery specialists Andy Pear and Milan Vuceljic at Moorfields Advisory Ltd were appointed joint liquidators of Honcho Markets Limited on September 30 2022.
