Lycamobile faces being struck off from UK register

Lycamobile could be delisted from the UK company register after reportedly failing to file accounts for last year.

The MVNO missed a deadline to publish accounts for last year by two months, according to Companies House, the UK’s registrar of companies. 

The delay comes after the company issued a statement last October denying any wrongdoing over so-called “cash dumping” allegations. According to online news site BuzzFeed, employees at the company were alleged to have deposited rucksacks with “hundreds of thousands of pounds” worth of cash at post offices across London multiple times a week. 

Companies House is said to have sent warning letters to Lycamobile. If no action is taken, the company will be listed for late filing in the London Gazette next month which would begin an ultimatum period that could see the company eventually being struck off the register of UK businesses within two months. After which, a new company would have to be set up to house its UK unit.

Lycamobile is also coming under scrutiny over other financial dealings. It is in talks with HMRC – the UK’s tax, payment and customs authority – over a potential tax liability of approximately £9.5 million.