• Swindon & Wiltshire Manufacturing
• Tuesday November 12 2024
• Author Name: Peter Davison

Formula 1 parts supplier bought out of administration

Jobs have been saved at a Swindon manufacturer of parts for Formula 1 cars and the aerospace and defence sectors.

Retrac Group – which manufactures carbon fibre products, chassis and complex components – went into administration in October.

Now the company has been acquired by Coventry-based engineering firm Evtec Fab, specialising in aluminium castings and assemblies for the automotive industry.

The acquisition has secured all 110 jobs in Swindon.

Evtec Fab was represented by law firm Shakespeare Martineau.

Andy Taylor, partner and head of restructuring, said: “We are absolutely thrilled to have been involved in an important transaction that has safeguarded the livelihoods of over 100 talented people.

“The deal also expands Evtec Fab’s portfolio, adding Retrac’s expertise in component manufacturing to the group’s skillset.”

The firm said 879 UK businesses filed for administration in the first six months of 2024 – a 42 per cent and 16per cent increase compared to 2022 and 2023 respectively – and that manufacturing was one of the worst-hit sectors for the second year in a row, accounting for 12 per cent of all administrations.

Mike Denny and Mark Firmin of professional services firm Alvarez & Marsal Europe were appointed as joint administrators to Retrac Group.

Mike Denny, managing director at Alvarez & Marsal, said: “Consistently high levels of inflation have presented the manufacturing sector with challenging operating conditions.

“Through the sale of Retrac Group to Evtec Fab Ltd, we are very pleased to have safeguarded the jobs of 110 talented employees and cemented future growth for this trusted supplier to some of the largest brands in the automotive, aerospace and motorsport sectors.”