A motorsport company has fallen into liquidation just before the new racing season after losing vital funding. MJ Motorsport Limited, which was founded in 2021, has stopped trading and entered voluntary liquidation, according to a report by The Herald.

Companies House records show the business was set up by Michael Johnston, who was listed as the company's sole director. The firm was described in filings as carrying out "sports activities" and operating within the motorsport sector. The Longniddry-based business moved to wind itself up voluntarily at the beginning of April. Kelly Burton and Joseph Fox, of FRP Advisory, were later appointed as joint liquidators. The liquidators said: "The company, which operated in the motorsport sector, had ceased trading prior to the appointment following the loss of funding ahead of the racing season and had no employees. The company has no tangible assets, and the joint liquidators will now undertake their statutory duties, including reviewing the company's affairs and identifying any potential realisations."

The collapse comes just days after a major pet retailer in West Lothian was forced into liquidation after almost 30 years in business.

Livingston-based Pet Planet, which had once generated revenues of £12 million, offered shoppers a range of products including premium pet food, litter and toys.

Despite having traded since 1999, the business collapsed on March 31, with administrators formally appointed on Friday.

The company has grown into a 'trusted destination' for pet products.

In terms of MJ Motorsport Limited, James Stephen and Kiri Holland, of BDO, were named as joint administrators for the retailer and its parent company, M8 Group Limited.

Documents filed with Companies House revealed the company's directors refused to hand over a "large ransom" to cyber-criminals after a major cyber-attack last year resulted in customer data being stolen.

The company later received £500,000 through its insurance policy, but the damage caused by the attack made it difficult for the business to recover.

According to the filings: "At its peak the Group had revenues of £12m and had historically operated profitably. Trade was starting to decline following the initial boost from the Covid-19 pandemic which increased garden and pet sales.

"Unfortunately, in 2025 the Group suffered a cyber-attack. Under the insurance policy, specialists were engaged to try to rebuild and secure the data, but this was only partially successful. The directors declined to pay the large ransom demands. The insurance claim was limited to £500k, the majority of which was received in 2025.

"Customer data and history which was lost as a result of the attack made restoring revenue difficult which combined with the general overall decline in sales led the directors to conclude there was no future for the Group in its current format."

Accounts covering the year to September 29, 2024, showed the company held fixed assets worth around £147,000 and current assets of roughly £2.5m. Total equity stood at just over £946,000.