Tue, 21 Oct 2014 | ADMINISTRATION
Caterham Sports Limited (CSL), the company behind the cars used by the Caterham team in Formula 1 races, has entered administration, putting hundreds of jobs at risk.
Accountancy firm Smith & Williamson has taken control of the Oxfordshire-based business, which works for the 1 Malaysia Racing Team (1MRT), the Malaysian company that runs the Caterham F1 team in the Formula 1 World Championship.
The administrators are presently conducting talks with 1MRT with the aim of coming to a deal to save the business, but if no deal is forthcoming they will have to start a sale process for the assets.
Despite the transferral of about 200 staff from CSL’s factory to 1MRT over the past few weeks, administrator Finbarr O’Connell says their positions could be lost if an arrangement isn’t made quickly.
CSL’s director Constantin Cojocar applied for an insolvency procedure for the company via a court order. He explains in the court paperwork that he had not received the £2 million a week he had expected from backers, which he was planning to use to pay off creditors, and so was forced down the route of insolvency.
Caterham F1 has still to win a point in five years of competition and remains at the bottom rung of the FIA championship ladder.
Possible buyers for the maker of the F1 cars, who are in conversation with the administrators, include the team boss Manfredi Ravetto, 1MRT and current 1MRT director Michael Willmer.
The company owes between £12 million and £15 million to suppliers. Bailiffs came this month to its Leafield factory to seize goods including a test car, steering wheels and pit equipment.
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Caterham Sports Limited in administration
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