Struggling Torotrak set to enter administration
Lancashire-based vehicle engineering company Torotrak has announced it is to go into administration.
The listed Leyland company said today (Thursday, December 7) that Daniel Smith and Clare Boardman of Deloitte would be appointed as joint administrators as soon as practicable.
Torotrak has requested that listing on the premium segment of the official list of the FCA and trading of its shares on the LSE’s main market be suspended from 7.30am today.
The company, whose workforce was slashed from 76 to 33 in July when its Leyland site was closed, warned its investors it was under threat of administration a week ago and that its ability to trade as a going concern was dependent on its ability to successfully realise value from its assets or find alternative sources of funding.
It has been actively looking to restructure the group and find potential acquirers of its technology, intellectual property and assets.
This has included the sale of Flybrid Automotive, which has also gone into administration.
Flybrid specialised in the use of ground-breaking KERS technology for buses and V-Charge to boost the power of smaller engines for cars and was also seeking customers in the bus sector.
However, it struggled due to “the severe resource constraints the sector has faced over the last four to five years”.
