Company evidence record
The reviewed Companies House documents identify IWOCA LTD as UK company 07798925. Its accounts record approximately £14.5 million funded in two stages for employee-benefit-trust purchases from shareholders. The 23 October 2025 confirmation statement reconciles 12,720,075 shares across 135 legal holders, with founders James Dear and Christoph Rieche together at 25.15% and Series D first among the visible equity classes in a liquidation. Later filings increase visible Series D shares to 861,296 by 23 June 2026, but one March return is internally inconsistent. The evidence does not identify EBT sellers, seller-level proceeds, a current fully diluted cap table or any completed sale economics.
Evidence library
The filed group accounts used for iwoca's 2024 operating results, the EBT share-purchase funding and the programme's audit treatment.
The latest complete reviewed legal-holder statement and the source for the visible class hierarchy at 23 October 2025.
The separately reconciled January Series D allotment used for its share count and reported price.
One of the reviewed 2026 allotment returns used only within the reconciled Series D class progression.
The internally inconsistent March allotment return retained as evidence of the unresolved class-count discrepancy.
The latest reviewed allotment return and statement of capital used for the visible Series D and total-share endpoint.
Evidence boundary
Every finding stays tied to the reviewed documents. Transaction terms and ownership conclusions outside that record remain explicit limits.
The reviewed record identifies IWOCA LTD as company number 07798925 and the group parent used for the article's company-level evidence.
The 2024 accounts report £952 million of originations, £234.2 million of revenue and £44.070 million of total comprehensive income.
The accounts support an approximately £14.5 million EBT share-purchase programme: about £5.4 million before year-end and £9.1 million afterward, rather than two additive £15 million and £9.1 million programmes.
The confirmation statement made 23 October 2025 reconciles 169 class-level holding records to 135 legal holders and 12,720,075 shares with no difference from the statement of capital.
The confirmation statement places Series D ahead of Series C in a liquidation and records 777,022 Series D shares across 14 legal holders.
The January allotment records 56,513 Series D shares at £23.65 each, approximately £1.337 million, while the later reviewed filings bring the visible class total to 861,296 by 23 June 2026.
The accounts do not identify which shareholders sold to the EBT, how many shares each seller transferred, the price paid to each seller or whether either founder received proceeds.
The 23 October 2025 statement is a dated legal-holder snapshot, not a current or fully diluted cap table and not proof of beneficial ownership behind nominee or trustee holdings.
The class documents support Series D priority only among the visible equity classes; they do not establish priority over creditors, an investor-specific payout multiple or a complete exit waterfall.
The return for shares allotted on 13 March 2026 states 80,173 Series D shares but its statement of capital increases the class by only 27,508, so it cannot be used as a reconciled net class increase.
The reviewed filings do not establish that a reported possible sale occurred, whether £1 billion represents enterprise or equity value, or how any transaction proceeds would be distributed.
Related analysis
Before a possible £1 billion sale, iwoca funded about £14.5 million of shareholder purchases while Series D ranked first in the visible exit waterfall.
Read the analysis