Simtek goes into receivership

We are sad to have to confirm the rumours about Simtek going into receivership. Simtek Research Ltd and Simtek Grand Prix Ltd have both been placed in administrative receivership, following the ultimate failure of the team's enormous efforts to...

We are sad to have to confirm the rumours about Simtek going into receivership.

Simtek Research Ltd and Simtek Grand Prix Ltd have both been placed in administrative receivership, following the ultimate failure of the team's enormous efforts to secure vital new backing; all staff have been made redundant. The receivers for both companies say that they are "hopeful" of finding a buyer for the whole concern who will enable Simtek to continue with the 1995 F1 season; further comments cannot be made at this time, but we will attempt to make any announcements known to the net.

Nick Wirth, owner of both companies and designer of the team's F1 cars, has said that he particularly wishes to thank the net community for the overwhelming support and good wishes that Simtek has received, both in Usenet newsgroup postings and in private email.

-- Simtek News

Write a comment
Show comments
About this article
Series Formula 1