The administrators of W Series Limited have formally started the process of sale of the championship’s business and assets.
The Joint Administrators of W Series Limited have launched the formal process to market the business and assets of the motorsports racing series. Kevin Ley and Henry Shinners of Evelyn Partners LLP, who were appointed Joint Administrators of W Series Limited on 14 June 2023, are marketing the fully equipped racing series including cars, stock and W-Series brand. It is anticipated that the purchase will take the form of a business and asset sale, with the potential to restart the series in the future.
W Series launched in October 2018 as a free to enter championship that sought to provide equal opportunities for women in top level motorsports. However, the business had been in hiatus prior to the appointment of the Joint Administrators. It had been unable to commit to the 2023 race season due to its liquidity position after failing to secure additional funding.
Kevin Ley, one of the Joint Administrators, said: “The announcement that W Series had gone into administration was upsetting for all stakeholders that had previously been involved with and supported the championship.
“As well as our duty to maximise possible returns for creditors, it has always been our hope that the W-Series may re-start under new ownership in the future and this is an option for a purchaser. This represents an exciting opportunity to acquire a fully equipped racing series and for a new owner to re-launch a much-loved venture that has a network of supporters all over the world.
“Since being appointed, we have received numerous initial expressions of interest in the business and its assets. Now that we have formally commenced the marketing process, we ask that any interest is registered with us as quickly as possible ahead of the indicative offer deadline of midday on 12 October 2023. Wyles Hardy & Co, one of the country’s leading independent firms of machinery and business asset valuers, has been engaged by the Joint Administrators to assist with the sale process.”
The assets for sale include:
- 20 single seater racing cars
- 2 damaged cars (not track-worthy) & 1 show car (no gearbox or engine)
- 4 race trailer-bodied articulated trailers which operated as mechanics’ racing garages/pit lane support facilities
- 1 race trailer fitted with an office facility
- Mechanics’ tools, equipment and spares; and
- Intellectual property enabling use of the W-Series brand
Parties interested in acquiring the assets and business of W Series Limited should contact Kevin.email@example.com and Hugo.firstname.lastname@example.org immediately given the indicative offer deadline of midday on 12 October 2023.
Here’s news on administration
[Note: The story is as per press release]