F1 supplier collapses into administration

A UK-based supplier of F1 parts has entered into administration, after concerns were made by staff about unpaid wages.

Evtec Superlight has offices in Swindon, with its main headquarters in Coventry, and they work with huge brands across motorsport and the aerospace industry.

The company are a world-class engineering and manufacturing specialist, with it being said that they've provided parts to more than half of F1's world championship-winning teams in the last 20 years.

However, the company have now had to call the administrators in, an official High Court of Justice, Business and Property Court of England and Wales, Insolvency and Companies List shows.

Evtec Superlight had themselves saved 110 jobs at the Retrac Group last year after that company had fallen into administration, but the same fate has now become of Evtec Superlight.

It is not yet clear whether there is any chance of jobs being saved or the money owed to those at risk of redundancy being paid.

GPFans have contacted Evtec Superlight for comment.

Cyber attack leads to huge losses

Evtec Superlight's parent company - Evtec - recently reopened its doors after reportedly losing around £13 million in business due to a cyber attack.

The cyber attack was aimed at Jaguar Land Rover, and caused the car manufacturer to halt production in late August.

It meant that Evtec, one of Jaguar Land Rover's suppliers, had to shut down for six weeks, placing its staff on 80 per cent furlough.

While production started up earlier this month, the company's chairman David Roberts confirmed to BBC News that they had lost around £13 million in revenue.

"At least in Covid we were all together. We all went home. Here only a section of the economy has gone home," he said.

It is unclear whether this disruption to the parent company has had any bearing on the fate of Evtec Superlight.

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