Caterham F1 team company enters administration
Oxfordshire-based Caterham Sports Limited (CSL), the company which supplies cars used by the Caterham F1 team, has entered administration.
Accountancy firm Smith & Williamson, which works for the 1 Malaysia Racing Team (1MRT), the Malaysian company that runs the Caterham F1 team in the Formula 1 World Championship, has taken control of the firm.
The administrators are currently in talks with 1MRT with the aim of coming to a deal to save the business and hundreds of jobs.
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.
Approximately 200 staff have been transferred 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.
Caterham F1 is yet to win a point in five years of competition and remains at the bottom of the FIA championship ladder