45 jobs lost as Derby composites firm ceases trading
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Some 45 jobs have been lost at a Derby firm which makes composite parts for Formula One teams.
Mulholland Composites has ceased trading after administrators from Corporate Financial Solutions were called in.
Mulholland Composites is owned by Graham Mulholland. It was previously called EPM Technology before Mulholland sold the firm and it changed its name to EPM Composites. This firm was placed into administration in 2019, with Mulholland buying it back and setting up Mulholland Composites.
Mulholland has blamed Derby City Council for his firm ceasing trading, after insisting he has asked for lease for the company’s premises on Belmore Way, off Raynesway.
He told the Derby Telegraph that he was given the choice to either leave the premises within 14 days or pay the council £63,000 for a three-month lease to be paid the following day.
He said: “On day 12 of 14 we raised the money and asked about a longer term lease. The lease was then retracted and we were informed the locks were being changed.
“So the business was forced to file a notice of intention of liquidation.”
A city council spokesman said: “The council is the freehold owner of the building. The previous tenants of the building went into administration in November 2019 and since then the building has been under the control of the administrator.
“In February 2021, the administrator surrendered its lease of the building to the council and the council has since been working to ensure the building is lawfully occupied.”
The Muholland Group had been designing and making a supercar, the Legend 480, at its Derby factory. Its website is no longer active.