A Hampshire business has been pulled back from the brink – but at the expense of 171 jobs.

Manufacturing company Formaplex – which has four sites in Portsmouth, Cosham, Horndean and Havant – appointed administrators last week.

But following successful efforts to ‘rightsize the business’, the Portsmouth company specialising in composites and carbon fibre manufacturing solutions will recommence trading.

Sarah Collins, Joint Administrator for Formaplex Technologies Limited, said: “Regrettably, this means that we have had to make 171 people redundant across Formaplex’s four sites, effective from January 26 2024.

“We understand that it is a difficult time for these people and are providing them with support on claiming their entitlements.

“Formaplex’s remaining 274 employees will continue to work on production at the sites as we seek a buyer for the business.”

Production partially restarted this week after an initial stocktake.

According to the administrators, the continued level of ongoing production shows there is a strong demand for Formaplex products.

Ms Collins added: “We appreciate the support of the staff to enable trading to recommence so quickly.

“We have received a good level of interest from several prospective buyers for the business, with active discussions ongoing.”