UK motorsport company with F1 links collapses as jobs lost

Liquidators have been appointed for Precision Sim Engineering Limited, a business that creates off-the-shelf and custom controls for sim racers around the world.

Sim racing is a specialized form of virtual motorsport that uses software and hardware to accurately replicate the experience of driving real race cars.

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The description on the organisation’s website said: “We work with professional drivers and passionate players to provide immersive motorsport experiences.”

Based in Stacey Bushes in Milton Keynes and Banbury in Oxfordshire, the business was first set up in 2012 and by 2015 the company was working with professional racing drivers, sim centres and manufacturers.

Precision Sim Engineering is based in Banbury and Milton Keynes (Image: Google Maps)

The website said: “This led to collaborations with championship-winning sim racing teams and custom orders from Formula 1 drivers.

“Precision Sim Engineering has continued these professional partnerships whilst expanding its off-the-shelf product range.”

However, despite this, on May 5 an extraordinary resolution to wind up the company voluntarily was passed and signed by chair and founder Simon Hodgson.

Subsequently Hayley Simmons of North Insolvency in Oxford was appointed as a liquidator.

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In its latest accounts, dated to the year to August 31, 2024, it recorded creditors falling within a year of £110,438 and creditors falling after a year of £84,345.

This included obligations under finance lease and hire purchase contracts of £56,793.

The average monthly number of employees, including directors, during the year was two.