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Caterham F1 manufacturer enters administration 22 October 2014

The Leafield-based manufacturer of the Caterham Formula 1 team cars has entered administration.

Caterham Sports Limited entered administration last week after funding promised to the company by associates of director and sole shareholder Constantin Cojocar failed to materialise.

The company was founded and previously owned by Tony Fernandes, chairman of Queens Park Rangers football club, and sold to an undisclosed group of investors in July this year.

Finbarr O’Connell, Henry Shinners and Anthony Spicer of Smith & Williamson LLP were appointed as joint administrators of the company on 17 October.

Administrators have confirmed they are in discussions with parent company 1 Malaysia Racing Team (1MRT) over reinstating previous service agreements, as well as “positive discussions” with team manager and chief executive Manfredi Ravetto.

In a statement, the administrators said Cojocar “indicated in court papers that there was an intention that his associates would provide funding of £2m per week which would be used to pay the company’s creditors but that, unfortunately the money promised by his backers did not arrive.

“He has further indicated that due to the non-receipt of these monies he had no choice but to request the court to put the company into administration.”

Employees of Caterham Sports Limited have been transferred to 1MRT.

According to the company’s most recent filings on Company’s House, it posted revenues of £47m for the year ending 31 December 2012, owing approximately £12m – £15m to suppliers.

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