Hampshire manufacturer Formaplex goes into administration
Portsmouth manufacturing company Formaplex went into administration on January 16, it was reported, putting 500 jobs at risk.
Sarah Collins and Mark Firmin of professional services firm Alvarez & Marsal Europe LLP have been appointed joint administrators.
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The company has sites at Access Point in Cosham, Voyager Park in Portsmouth and two sites in Horndean and Havant.
It is a polymer, composite and carbon fibre manufacturing and engineering company and makes lightweight components for companies in the automotive, aerospace, medical and defence sectors,
"Every effort is being made to save the business and as many jobs as possible. Formaplex’s employees have been sent home to enable a full stocktake to be carried out," a spokesman was reported as saying.
"Active discussions with the company’s customers have begun, with a view to securing funding for the continued trading of the business whilst a buyer is sought over the coming weeks."
Elaghmore, a private equity firm, acquired Formaplex in 2021.
