Westfield ceased trading🙁

[davo172]

Westfield Sports Cars - A New Era

We are delighted to launch the new Westfield Sports Cars company from Bicester, deep within Motorsport Valley. Dedicated to preserving the 30 year heritage of the company and further developing the models for the 2020's.

westfield-sportscars.co.uk

Sad news this sign of the times really!

 

[Bluebeard]

That’s terrible.

 

[McGherkin]

Gutted. Great cars. Some of my first motorsport experiences were spannering on a westie.

 

[PP200t]

Very sad news. Strange reading this bit though, Westfield Sports Cars had just £25,722 in cash at the end of last year, along with stock worth £2.2 million and debits of £1.76 million. How modes that work? Seems there was more value than debt.

 

[c4pob]

Very sad news. Strange reading this bit though, Westfield Sports Cars had just £25,722 in cash at the end of last year, along with stock worth £2.2 million and debits of £1.76 million. How modes that work? Seems there was more value than debt.

They didn’t have the ability to service the debt in cash so couldn’t trade as a going concern. Also no mention of not tangible the assets are to be able to convert them into cash.

 

[Robbie Corbett]

They must have been doing something seriously wrong. Kit cars manufacturers had a seriously good time of it last year.

 

[larry]

People associate Westfield with the sports/kit cars, but there are nine other associated businesses, for example Chesil Speedster 356 Replicas and Autonomous vehicles. I've read elsewhere that some directors benefited from Covid grants, so all may not be as it seems.

 

[davo172]

People associate Westfield with the sports/kit cars, but there are nine other associated businesses, for example Chesil Speedster 356 Replicas and Autonomous vehicles. I've read elsewhere that some directors benefited from Covid grants, so all may not be as it seems.

A lot of directors did in many companies joke it was!

 

[Amos91]

They must have been doing something seriously wrong. Kit cars manufacturers had a seriously good time of it last year.

I think its the supply chain issues meant they could not manage the cashflow.

Caterham had a record year of sales but didn't make a profit. Cars are being endlessly delayed, sat in the factory, waiting for random parts to arrive.

 

[Big Toe]

I think its the supply chain issues meant they could not manage the cashflow.

Caterham had a record year of sales but didn't make a profit. Cars are being endlessly delayed, sat in the factory, waiting for random parts to arrive.

That’s before you even scratch the surface of the quality issues. Not from a Westfield point of view, but most manufacturers. Parts are hard to come by and component manufacturers are seeking alternatives to huge delays with existing suppliers. This can result in sub-standard supplies. They’re victims of their industry.

 

[MarkCup]

Very sad news. Strange reading this bit though, Westfield Sports Cars had just £25,722 in cash at the end of last year, along with stock worth £2.2 million and debits of £1.76 million. How modes that work? Seems there was more value than debt.

You can't pay employees or supplier invoices or bank interest with your stock of kit car parts unfortunately.

They may well have been trading profitably, but without working capital the blood just doesn't flow.

 

[PP200t]

You can't pay employees or supplier invoices or bank interest with your stock of kit car parts unfortunately.

They may well have been trading profitably, but without working capital the blood just doesn't flow.

Yeah I kind of feel thick for writing it now looking at it. Shame though and must be horrible for the employees, I bet a fair few have been there since the start.
hopefully they get bought up though and don’t disappear.

 

[Tez.]

I cycle past the factory every morning . Its all still there . Factory is full of parts and cars