Formula K International Limited (03309992): administration
- Status
- Administration ended
- Administration began
- 2023-09-07
- Administrators
- Paul Stanley, Jason Dean Greenhalgh
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1997-01-30
- Location
- Manchester
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- Supply chain disruption
- COVID-19
- Property / lease costs
From the administrators' statement
The following has been provided by the director of the Company:
Formula K International was incorporated on 30 January 1997 by Geoffrey Graham Liddle, a 4 times Go Kart World Champion. The Company was formed to produce go karts for the leisure industry. At the time there was no other manufacturer in Great Britain making go karts for this purpose. Graham is the sole director and shareholder.
Initially Graham financed the Company personally but as more products were brought to the market finance was sought elsewhere in the form of bank loans and overdraft facilities which he personally guaranteed.
Administrators' statement of proposals (2023-11-20) · Companies House register