FTSE 100 Financial Services Group L&G Pulls Out of Britain's Largest Electric Vehicle Fleet Operator Onto

L&G has reportedly notified Onto that it will not inject rescue funding into the business, leaving Onto in a difficult financial situation.

The company may face administration if it cannot secure alternative funding, and L&G could face questions about the extent of its losses.

Onto has raised more than $350m to fund its growth and provides access to cars made by various manufacturers.

The company is said to have been hit by the declining value of electric cars, with its borrowings secured against its fleet.