Mike Denny and Mark Firmin of leading Swindon professional services firm Alvarez & Marsal Europe LLP were appointed as Joint Administrators to Retrac Group Limited (“Retrac Group”) on 24 October.
Retrac Group is a manufacturer of carbon fibre products, chassis and complex components for brands in the Automotive, Aerospace, Formula One™ and Motorsport sectors. The company is based in Swindon with 110 employees.
Immediately following their appointment, the Joint Administrators completed a sale of the business and assets of Retrac Group to Evtec Fab Limited (“Evtec”). Evtec is part of a wider group of companies focused on the manufacture of complex aluminium castings and assemblies for the automotive sector, with sites across the Midlands.
The sale has secured the employment of all 110 employees and the Swindon site will continue to operate.
Mike Denny, Managing Director, Alvarez & Marsal, commented: “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. We wish the company and its new owners every success for the future.”
Your Comments
Be the first to comment on this article
Login or Register to post a comment on this article