The North Wales-based Formula K go-karting manufacturing company has entered administration, the company announced.
Formula K International, based in Rhyl, supplied go-karts and leisure vehicles to more than 50 countries over a period of more than 25 years, but has become the victim of a combination of Covid's impact and the supply chain issues.
The company was founded in 1997 by Graham Liddle, a four-times go-karting world champion between 1968 and 1973. Formula K was the first British manufacturer to specialise in go-karts and small cars for the leisure industry.
In a statement Graham Liddle said: “I explored every single avenue to rescue the business and save the jobs of my trusted employees, but realistically I had no other choice but to place the company I founded more than 25 years ago into administration.”
He added: “The irony is that we received two large orders in the past few weeks, but given the uncertainty of the supply chain of goods required to build the products, we just couldn’t guarantee the clients that the orders could be completed.”
His separate Formula K Products business, providing after-sales service, remains operating.
