14 Nov 2024 A DELIVERY firm backed by the founder of MoneySavingExpert.com, Martin Lewis, has gone bust, leaving shareholders millions of pounds out of pocket. Magway Limited, an Ocado-backed tech firm that aimed to revolutionise UK deliveries with a network of pipes, has entered voluntary liquidation. 2 A representative for Martin Lewis declined to comment. Magway owes over £40,000 in taxes to HMRC and over £47,000 in arrears and holiday pay to employees, leaving just over £74,000 left in the bank. Liquidators Alvarez & Marsal will be selling Magway's assets, including its intellectual property. Phil Davies, the company's co-founder and chief executive, said, "We were trying to bring in funds from investors and clients but unfortunately ran out of runway. "It is a great shame. The team worked tirelessly until the very end." Despite this, Davies remains proud of the team's achievements, stating: "Over the last seven years, we have gained global recognition, won numerous awards, filed multiple patents, and built working prototypes. "I firmly believe Magway's innovative technology still holds huge potential." Why are shops closing stores? HARD TIMES FOR BUSINESSES