The termination of contracts with automotive producers Aston Martin and Bentley has triggered fears for a whole lot of Hampshire-based manufacturing jobs.
Sky News has learnt that the 2 premium automotive teams determined in current months to finish contracts with Formaplex, a Portsmouth-headquartered firm which makes elements
Formaplex’s 500 employees had been despatched house on Tuesday whereas directors at Alvarez & Marsal search a purchaser for the enterprise.
One insider mentioned that different clients of the corporate, together with Lotus and McLaren, had been now being approached to supply enough funding to allow it to proceed buying and selling by the insolvency course of.
Offers for Formaplex, which manufactures light-weight elements for main firms within the automotive, aerospace, medical and defence sectors, are anticipated to be sought by A&M in an expedited sale course of.
Until its collapse, the corporate was owned by Elaghmore, a non-public fairness agency, which acquired it in 2021.
“Every effort is being made to save the business and as many jobs as possible,” the directors mentioned.
“Formaplex’s employees have been sent home to enable a full stocktake to be carried out.
“Active discussions with the corporate’s clients have begun, with a view to securing funding for the continued buying and selling of the enterprise while a purchaser is sought over the approaching weeks.
“These initial discussions have been constructive.”