110 jobs saved as car parts manufacturer acquires counterpart

Coventry-based firm Evtec Fab has acquired Swindon manufacturer Retrac Group, ensuring the continuity of operations and the employment of all 110 staff at the Swindon site.

Mike Denny and Mark Firmin of Alvarez & Marsal were appointed as joint administrators for Retrac Group on October 24, 2024, overseeing the sale of the business and its assets to Evtec.

Denny attributed the administration to “persistently high inflation, which has created challenging conditions for the manufacturing sector.”

Retrac Group, a supplier of carbon fibre products, chassis, and complex components for sectors such as automotive, aerospace, Formula One™, and motorsport, will continue operations under Evtec’s ownership.

Evtec, which is part of a larger Midlands-based group specialising in aluminium castings and assemblies for the automotive industry, expands its portfolio with this acquisition, adding Retrac’s expertise in component manufacturing.

Denny continued: “Through the sale of Retrac Group to Evtec Fab Ltd, we are very pleased to have safeguarded the jobs of 110 talented employees and cemented future growth for this trusted supplier to some of the largest brands in the automotive, aerospace and motorsport sectors. We wish the company and its new owners every success for the future.”