W Series limited joint administrators launch business and asset sale process

The Joint Administrators of W Series Limited announce a forthcoming auction for certain assets of the motorsport racing series.

Kevin Ley and Henry Shinners of Evelyn Partners LLP, who were appointed Joint Administrators of W Series Limited on 14 June 2023, have instructed agents to prepare an online auction.

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: “Since being appointed, we have received numerous initial expressions of interest in the business and its assets. Our initial marketing process resulted in serious negotiations with more than one party, at a level that would have resulted in a significant return to creditors.

"However, it was not possible to conclude a sale on the terms proposed and we now consider that an auction will generate further interest in the assets and lead to the optimal outcome for creditors. 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 auction process.”

The assets for sale include:

• Eighteen Tatuus f.3 t-318 Alpha Romeo single seat race cars (2019)
• Tatuus f.3 t-318 spares packages, two unused Alfa Romeo engines & spare bodywork
• Four cool performance simulators in flight cases
• Refuelling rigs, air and manual jacks, scrutineering equipment, mechanics tool chests & tools, paddock/pit garage panelling & infrastructure equipment
• Five Suzuki lt -F250 paddock quad bikes
• Eight 40’ bespoke steel two tier race containers each with awning

In order to bid for any assets parties will need to register with the auctioneers https://wyleshardy.atgportals.net/auctions when the catalogue goes live. The auction is scheduled to go live on 18th January and will close on 31st January. Viewing will by appointment only.

Please contact Wyles Hardy & Co on 01442 832234 for appointments and further details.