Composites supplier to Olympic cycling teams sold out of administration

A Derbyshire supplier of composites to Olympic cycling teams, EPM: Technology, has been sold out of administration, reports Insider Media.

Administrators Duff & Phelps were appointed to the business to find a buyer or investors in the business, which was sold to Aero Services Global in September. The administrators said that the company had entered a financial period where the business was under “significant pressure from creditors”.

As a result of the sale to the business now dubbed EPM Composites jobs have been saved at the engineering firm, which also supplies Formula One teams.

Steve Clancy of Duff & Phelps told the site: “We are delighted to have achieved a sale of the business and assets on a going concern basis and wish the new business the very best for the future.

“The restructuring of the company will now put it in a very strong position to continue and develop relationships with its prestigious customer base and secure the employment of the highly skilled workforce who have a fantastic reputation for creating high-quality, market-leading products.”