P1racenews AI automatic summary:
F1 supplier collapses into administration
Evtec Superlight, a UK-based supplier of F1 parts, has entered administration following concerns raised by workers about unpaid wages. The company, known for its work with top brands in motorsport and aerospace, has played a key role in providing parts to many F1 championship-winning teams over the past two decades. The appointment of administrators was confirmed by the High Court of Justice, indicating financial difficulties faced by the company. Evtec Superlight had previously saved 110 jobs at Retrac Group but now faces a similar fate. It remains uncertain if jobs can be preserved or outstanding dues will be settled for at-risk employees. The recent cyber attack on Evtec’s parent company, resulting in significant losses and operational disruptions, adds to the challenges faced by the group, raising questions about the future of both Evtec Superlight and its parent company.
