Derby Formula One supplier sold out of administration

A Derby-based engineering business, which supplies its products to Formula One was sold out of administration saving much needed jobs at the company

Duff & Phelps secured the sale of EPM: Technology, a composite engineering business founded in 1996, to EPM Composites.

It manufactures and supplies bespoke carbon-fibre components for businesses operating in a wide-range of industries where high-performance is critical.

Duff & Phelps said the company entered a “challenging” financial period and was under “significant pressure” from creditors.

The company was called in by the directors of EPM Technology in November to find potential investors into the company, or to secure a sale of the business and assets on a going concern basis.

Steve Clancy and Matt Ingram, both of Duff & Phelps, were appointed as joint administrators on 1st December and a successful sale of the business and its assets was subsequently achieved, to EPM Composites.

Steve says: “We are delighted to have achieved a sale of the business and assets on a going concern basis and wish the new business the very best for the future.

“The restructuring of the company will now put it in a very strong position to continue and develop relationships with its prestigious customer base and secure the employment of the highly skilled workforce who have a fantastic reputation for creating high-quality, market-leading products.

“I am sure that the company will develop its business and continue to grow sustainably.”