Over 100 jobs have been saved after a Swindon based company which had gone into administration was sold.

Retrac Group, which manufactures carbon fibre products, chassis and complex components for brands in the automotive, Aerospace, Formula One and motorsport sectors, has been sold to manufacturing company Evtec Fab Limited.

This means that Retrac Group will continue to operate from Swindon and all 110 employees will be able to keep their jobs.

Evtec is part of a wider group of companies focused on the manufacturing of aluminium castings and assemblies for the automotive sector and has sites across the Midlands.

Mike Denny and Mark Firmin of the firm Alvarez & Marsal were appointed as Joint Administrators to Retrac Group on October 24 and completed the sale.

Mike Denny, Managing Director, Alvarez & Marsal, said: “Consistently high levels of inflation have presented the manufacturing sector with challenging operating conditions.

“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.”

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