Veyo accounts reveal losses of £11 million

Jonathan Smithers, Law Society President

Veyo accounts reveal losses of £11 million

Accounts filed at Companies House for the period ending 31st October have revealed the aborted project lost over £11 million.

According to the accounts statement for Legal Practice Technologies, the body owned 60% by the Law Society and 40% by Indian tech firm Mastek lost £11,403,865 in this period.

The company was owed £61,180 and had £1,421,492 in cash assets, with £11,886,537 due to creditors within one year. The accounts also list £1 million in called up share capital to it’s name. The total equity in the company was therefore listed as £-10,403,865.

The bulk of losses was attributed to research and development costs of £6,798,230. Auditors PricewaterhouseCoopers LLP are listed as having been paid £9,000 for their work.

The document also states no directors, including Law Society President Jonathan Smithers, received any dividend nor any other remuneration.


Josh Morris

Josh is the Journalist for the Today's Group and writes many of the articles for Today's Conveyancer. He graduated with a degree in Physics from Cardiff University in 2009 before training as a journalist.
He has previously written for The Times, The Mirror and The Daily Express.

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