Scores of jobs lost at engineering firm

Scores of jobs have been lost at Silverstone-based engineering firm Saietta Group after administrators from EY were appointed to the firm.

Lucy Winterborne and Dan Hurd of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed joint administrators of Saietta Group and Saietta Sunderland Plant on Monday (4 March).

Saietta Group and its subsidiary Saietta Sunderland Plant are an engineering business specialising in the design, development and supply of complete powertrains for electric vehicles, scooters, buses and marine applications.

Saietta Group is AIM-listed and employs 54 employees mainly based at its head office in Silverstone. Saietta Sunderland Plant employs 33 employees based in Houghton-le-Spring, Sunderland.

A statement from the joint administrators said: “The companies have explored various solutions to safeguard the future of the business, including a further equity raise, debt finance and a solvent take-over of the business. However, with creditor pressure increasing and no immediate solvent solution, the companies have sought the protection of an administration.

The joint administrators says they are now exploring options for the sale of the business and assets of the companies, including proprietary electric motor technology and associated plant and equipment.

The statement added: “Regrettably, the majority of employees have been made redundant with immediate effect. A small number of employees have been retained to assist the administrators. All those impacted are being offered appropriate support and advice.”