Evelyn Partners launches business and asset sale of W Series

Evelyn Partners, the administrators of W Series Limited, has announced a forthcoming auction for certain assets of the motorsport racing series. 

The assets for sale include eighteen Tatuus f.3 t-318 Alfa Romeo single seat race cars from 2019; Tatuus f.3 t-318 spares packages, two unused Alfa Romeo engines and spare bodywork; four cool performance simulators in flight cases; refuelling rigs, air and manual jacks, scrutineering equipment, mechanics tool chests and tools, paddock/pit garage panelling and infrastructure equipment; five Suzuki lt -F250 paddock quad bikes; and eight 40’ bespoke steel two-tier race containers each with awning.

Joint administrators from the firm, Kevin Ley and Henry shinners, were first appointed on 14 June 2023 and 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.

Ley 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.” 

He added: “Wyles Hardy and 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.”