Formaplex set to make over 100 redundancies under new owner Elaghmore

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Formaplex is a manufacturer supplying components to the likes of Rolls-Royce and the F1 motorsport sector. It is based in Voyager Industrial Park, Portsmouth and has announced that it will make more than 110 redundancies from its Hampshire workforce

The company, which has four manufacturing sites in Hampshire – Voyager Park in Portsmouth, Access Point in Cosham, and sites in Horndean and Havant – confirmed that it will be making redundant 110 staff from its 537 work force.

Formaplex manufactures lightweight components for tier-one automotive clients across a mainly blue-chip global market, was bought by UK private equity fund Elaghmore in February. However since the acquisition Elaghmore has already made 18 staff redundant and put 80 on furlough. This was said to be because of a change in consumer demands during the Covid 19 pandemic but it is confident it will recover in the long term.

Formaplex director Robin Allen said: ‘When Formaplex was acquired earlier this year, the expectation was that the business would need to undergo some operational restructuring to make it more efficient in light of the pandemic and changing customer demands.

“Given the ongoing impact of the pandemic on our customers around the world, it has been necessary to make difficult decisions and take steps to protect the long-term future of the business.”

“In addition to the 18 redundancies we have made so far, we have entered into a consultation period with our employees. Sadly, we anticipate making up to a further 110 full-time employees redundant across our sites. We anticipate that as customer demand returns to normal in the future, we will be able to grow the business again.”

Formaplex was established nearly 20 years ago as a specialist tooling partner for the F1 motorsport sector. It has since added injection mould tooling and moulding to its skillset meaning it has a very sought after skill set in demand for composite components.

Recent developments in lightweight carbon fibre body panels have been used in many industries. From super cars, prototype structural parts for hypercars, fan case liners for a new carbon fibre jet engine programme, and complex high performance injection moulded parts for the luxury car sector. Other high precision components are made for Surgical robots.

Elaghmore also acquired Orchard House Foods in January, taking its total number of acquisitions to 11.

Source: TheNews

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