KugaWestie Posted June 9, 2022 Share Posted June 9, 2022 33 minutes ago, Scott Young (Captain Colonial) - Club Secretary said: It's the lack of cash at £25k, plus £1.73m in liabilities... Exactly this, and no cash for the last few years by the look of it Sad times Link to comment Share on other sites More sharing options...
LoneWolf Posted June 9, 2022 Share Posted June 9, 2022 Oh my 😮 So glad I've got my order sorted last month. Really hope someone passionate takes over the kitcar stuff (cough cough MK cough cough) 2 Link to comment Share on other sites More sharing options...
TAFKARM Posted June 9, 2022 Share Posted June 9, 2022 I can’t say I’m surprised sadly. I am surprised they didn’t split autonomous and sports cars and just wind sports cars up though. Link to comment Share on other sites More sharing options...
Rhett Turner - Black Country AO Posted June 9, 2022 Share Posted June 9, 2022 Guess if they've limited cash and a list of creditors wanting their money, especially if HMRC is in the mix, those creditors may have forced the issue. I'd have thought with the, supposedly, healthy Chesil order book, and what looks to be quite a well sorted car, they'd have a future. Link to comment Share on other sites More sharing options...
Steve (sdh2903) Posted June 9, 2022 Share Posted June 9, 2022 Sad times. I just hope all the guys and girls move on to new employment swiftly. 17 minutes ago, Rhett Turner - Black Country AO said: I'd have thought with the, supposedly, healthy Chesil order book, and what looks to be quite a well sorted car, they'd have a future. I'd think someone wanting to take that side on alone would make it work. There are companies out there making profits with these types of cars (at a lower price too). Its those liabilities that are the issue. Link to comment Share on other sites More sharing options...
NigelO Posted June 9, 2022 Share Posted June 9, 2022 Westfield Technology Group's liabilities appear to be almost exlusively to its ultimate owners, Potenza Enterprises Ltd (about £2m at the end of 2021) Link to comment Share on other sites More sharing options...
jeff oakley Posted June 9, 2022 Share Posted June 9, 2022 Watch out for a pre pack management buyout? They will have struggled for the last two years as people could not try to buy so it does indeed appear cash flow has killed it. It sort of explains the lack of focus some mentioned against the likes of MK. I hope the guys get jobs as soon as possible as no one wants this to happen 1 Link to comment Share on other sites More sharing options...
LiamMc Posted June 9, 2022 Share Posted June 9, 2022 chip in then boys ive email the administrators Link to comment Share on other sites More sharing options...
Captain Colonial Posted June 9, 2022 Share Posted June 9, 2022 It comes to something when the WSCC is more cash fluid than WSC Ltd - and no, I’m not proposing the club buys WSC Ltd. 1 6 Link to comment Share on other sites More sharing options...
Benrobson2999 - Kent AO Posted June 9, 2022 Share Posted June 9, 2022 Such a shame. Really glad I finished my build. I feel for those mid way through their builds. There’s still parts I wanted in the future. Let’s hope someone does take over and keep the established brand going Link to comment Share on other sites More sharing options...
Lee1980 Posted June 9, 2022 Share Posted June 9, 2022 Shocking news. I've just finished my build but have parts still on order with them to fit post IVA. I'll contact the administrators but won't hold my breath..... 1 Link to comment Share on other sites More sharing options...
Kit Car Electronics Posted June 9, 2022 Share Posted June 9, 2022 well the jigsaw does all fit together now sadly - a few years back we spotted a 'for sale' advert for them, we've seen over-extended promises that never delivered, like GTMs and EV 7's - plus an inability to rise to the challenge of the newer manufacturers. Autonomous vehicle is the biggest black-hole for investment in the automotive world that not even the likes of Tesla have mastered, let alone a small KIngswinford company 😞 Link to comment Share on other sites More sharing options...
LoneWolf Posted June 9, 2022 Share Posted June 9, 2022 Westfield probably is, after Caterham, the most established brand of sevenesque kit cars, with owners all around the world. I'm sure all of this won't be lost, someone will take over even in those difficult times, someone have to do that. 3 Link to comment Share on other sites More sharing options...
Dave Eastwood (Gadgetman) - Club Chairman Posted June 9, 2022 Share Posted June 9, 2022 Terribly sad news for all those employees, many of whom have become our friends over the years. 6 Link to comment Share on other sites More sharing options...
Exitus Posted June 9, 2022 Share Posted June 9, 2022 That's really sad. Fingers crossed that someone else takes it on. 1 Link to comment Share on other sites More sharing options...
Recommended Posts