Portsmouth firm Formaplex taken over after months of uncertainty - and is backed by F1's McLaren

Formaplex's 500-strong workers were thrown into limbo and left “disgusted” after being served the bombshell news earlier this year that 171 workers had lost their jobs and would not be paid in January.

The firm’s then owner Elaghmore, a UK private equity fund group, only bought Formaplex in 2021 after it had also entered administration back then. Alvarez & Marsal were appointed as joint administrators to save the business this time round with it now confirmed a new buyer has been found after months of uncertainty. Unipart, the supply chain solutions and performance improvement technologies partner, has today announced it has acquired Formaplex Technologies which has been renamed as Unipart Polymer and Composite Solutions.

Formaplex supplies lightweight component solutions to the automotive, motorsport, aerospace, medical and defence markets. The firm has four manufacturing sites in Hampshire - Voyager Park in Portsmouth, Access Point in Cosham, and sites in Horndean and Havant - and had been operating for more than 20 years. 

A spokesperson for Unipart said: “Formaplex Technologies was established two decades ago as a specialist tooling partner in the F1 automotive sector. Today it has grown to become a key UK supplier of polymer and composite solutions and one of the few premium polymer injection moulding specialists in the UK supply chain, specialising in lightweight components. Customers include McLaren, who are fully supportive of this acquisition and remain committed to working with the business in the future. 

“Unipart will integrate the operations into its existing manufacturing capability portfolio, ensuring continuity and maintaining the high operational and safety standards both companies deliver. From today, Formaplex will be rebranded to Unipart Polymer and Composite Solutions.”

Darren Leigh, Unipart chief executive officer, said: “Growing our manufacturing capabilities through this acquisition expands our offering and aligns perfectly with Unipart’s growth strategy to offer our existing and new customers a breadth of supply chain solutions and performance improvement technologies. It reinforces our commitment to enhancing and growing the UK supply chain. 

“I am pleased to welcome the Formaplex team to Unipart and excited about the potential this acquisition unlocks for innovation and growth, enabling us to expand our portfolio and strengthen our position in the UK manufacturing sector.”

Jorg Laser, chief procurement officer at McLaren, said: “We strongly value our long-term supply relationship with Formaplex and we welcome the specialist capabilities that Unipart, a long-standing partner of McLaren, now brings to enhancing this relationship. We are excited to see the innovative solutions and continued excellence that this combination will deliver for us.”

Carol Rose Burke, Unipart manufacturing group managing director, said: "I am delighted we are further investing in our UK manufacturing capabilities through the acquisition of Formaplex. It will further support supply chains involved in delivering powertrain products used for internal combustion engines and electrification, as well as enhancing our offer for a growing number of uses in various other sectors such as construction and rail.”

The firm's announcement in January had left workers angry. One “annoyed and upset” employee told The News: “I have just been told I am not getting paid for the month as my company has gone into administration…500 plus staff are losing their jobs.”

Another said: “Formaplex has gone into administration and told employees they will lose their jobs if they can't find a buyer.  Employees were told they would not be paid for any of their January work. 

“Disgusting company behaviour as I'm sure the CEO and high-ups knew about this days or even weeks in advance and will still receive their huge payouts and January pay. Another exploitation of the workers.”