The UK’s Formula Yacht Spars has been placed under voluntary administration after failing to stem its losses on the UK market.

The company, which is based in Lymington, Hampshire, claims to be the largest producer of performance carbon and aluminium yacht spars in the UK, supplying its products to America’s Cup and Volvo Open 60 vessels, as well as superyachts.

Formula Yacht Spars’ UK production facilities in Lymington and Burnham-on-Crouch are trading in administration with the assistance of the previous management team, completing significant contracts. Five redundancies have been made at Lymington out of a total 29 employees and five of the 12 employees at Burnham have also been made redundant. The remaining staff will continue to work under the management of the administrator, Tenon Recovery.

Formula’s European operations in Montpellier, France and Blokzijl in the Netherlands have been recovered out of the administration and continue to trade as normal.