Formula K International Limited - Administration

Formula K International Limited, a family-owned, North Wales-based supplier of go-karts and leisure vehicles for the amusement industry, entered administration on 7 September 2023 after trading successfully for more than 25 years. Joint administrators Paul Stanley and Jason Greenhalgh of Begbies Traynor said Covid lockdowns had a major impact on cashflow, and that more recent supply chain issues and delays to shipments of materials have left the company unable to fulfil its orders for the first time in history, despite demand. National Westminster Bank PLC has two registered charges against the company.