110 jobs saved after Midlands firm buys Formula One supplier

More than 100 jobs have been saved after Coventry-based Evtec Fab acquired Swindon manufacturer Retrac Group, with our support.

Retrac Group – which manufactures carbon fibre products, chassis and complex components for brands in the automotive, aerospace, Formula One and motorsport sectors – entered administration in October.

Ensuring the continuity of operations and employment of all 110 staff, the business and its assets have been bought by Evtec Fab, which is part of a larger Midlands-based group specialising in aluminium castings and assemblies for the automotive industry.

Acting for buyers Evtec Fab, we provided restructuring, property, commercial, employment, corporate and tax services as part of the transaction. 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.” Our analysis showed that 879 UK businesses filed for administration in the first six months of 2024 – a 42% and 16% increase compared to 2022 and 2023 respectively. Manufacturing was one of the worst-hit sectors for the second year in a row, accounting for 12% of all administrations.

Andy said: “Uncertainty in the geopolitical landscape, high levels of inflation and prolonged economic challenges have long plagued our country, which is resulting in an increasing number of businesses filing for administration.

“Our advice remains consistent – seeking professional advice early can open up more options for struggling businesses. It is crucial not to ignore the signs and bury your head on the sand, and, instead, take a proactive approach to address underlying issues. By doing so, businesses can better navigate the tough trading conditions and increase their chances of survival.”

The team also included Gareth Hegarty, Sheena Tandy, Christopher Neale (restructuring and insolvency); Keith Spedding (corporate); Huw Witty (tax); Matt McDonald and Jon Heuvel (employment); Kim Walker (commercial and IP); and Ben Darlow (real estate).

Mike Denny and Mark Firmin, of professional services firm Alvarez & Marsal, acted as joint administrators for Retrac Group.