A Hampshire business has gone into administration, putting 500 jobs at risk.

Formaplex – which has four manufacturing sites across Hampshire – appointed administrator on Tuesday.

Around 500 employees of the Portsmouth company, which supplies lightweight component solutions to the global automotive, motorsport, aerospace, medical and defence markets, face losing their jobs.

Sarah Collins and Mark Firmin of professional services firm Alvarez & Marsal Europe LLP were appointed as joint administrators.

A spokesperson said: “Every effort is being made to save the business and as many jobs as possible. Formaplex’s employees have been sent home to enable a full stocktake to be carried out.

“Active discussions with the company’s customers have begun, with a view to securing funding for the continued trading of the business whilst a buyer is sought over the coming weeks.

“These initial discussions have been constructive.”

The shock announcement was made by the company’s owner Elaghmore who purchased Formaplex in 2021.

This is the second time the company has entered administration.

According to the administrators, the news was communicated to all employees across the company’s four sites at Access Point in Cosham, Voyager Park in Portsmouth and its two  sites in Horndean and Havant.