The motorsport firm fell into liquidation simply earlier than the brand new racing season.
A motorsport firm has fallen into liquidation simply earlier than the brand new racing season after dropping very important funding. MJ Motorsport Restricted, which was based in 2021, has stopped buying and selling and entered voluntary liquidation, in line with a report by The Herald.
Corporations Home data present the enterprise was arrange by Michael Johnston, who was listed as the corporate’s sole director. The agency was described in filings as finishing up “sports activities actions” and working inside the motorsport sector. The Longniddry-based enterprise moved to wind itself up voluntarily originally of April. Kelly Burton and Joseph Fox, of FRP Advisory, have been later appointed as joint liquidators. The liquidators mentioned: “The corporate, which operated within the motorsport sector, had ceased buying and selling previous to the appointment following the lack of funding forward of the racing season and had no workers. The corporate has no tangible belongings, and the joint liquidators will now undertake their statutory duties, together with reviewing the corporate’s affairs and figuring out any potential realisations.”
The collapse comes simply days after a significant pet retailer in West Lothian was compelled into liquidation after nearly 30 years in enterprise.
Livingston-based Pet Planet, which had as soon as generated revenues of £12 million, provided consumers a spread of merchandise together with premium pet meals, litter and toys.
Regardless of having traded since 1999, the enterprise collapsed on March 31, with directors formally appointed on Friday.
The corporate has grown right into a ‘trusted vacation spot’ for pet merchandise.
By way of MJ Motorsport Restricted, James Stephen and Kiri Holland, of BDO, have been named as joint directors for the retailer and its guardian firm, M8 Group Restricted.
Paperwork filed with Corporations Home revealed the corporate’s administrators refused at hand over a “giant ransom” to cyber-criminals after a significant cyber-attack final 12 months resulted in buyer knowledge being stolen.
The corporate later acquired £500,000 by way of its insurance coverage coverage, however the injury brought on by the assault made it tough for the enterprise to get better.
Based on the filings: “At its peak the Group had revenues of £12m and had traditionally operated profitably. Commerce was beginning to decline following the preliminary increase from the Covid-19 pandemic which elevated backyard and pet gross sales.
“Sadly, in 2025 the Group suffered a cyber-attack. Below the insurance coverage coverage, specialists have been engaged to attempt to rebuild and safe the info, however this was solely partially profitable. The administrators declined to pay the big ransom calls for. The insurance coverage declare was restricted to £500k, the vast majority of which was acquired in 2025.
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“Buyer knowledge and historical past which was misplaced because of the assault made restoring income tough which mixed with the final total decline in gross sales led the administrators to conclude there was no future for the Group in its present format.”
Accounts overlaying the 12 months to September 29, 2024, confirmed the corporate held fastened belongings price round £147,000 and present belongings of roughly £2.5m. Whole fairness stood at simply over £946,000.
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