PricewaterhouseCoopers has been appointed administrative receivers to the TWR Group, owned by Tom Walkinshow, whose Arrows Formula One team is already being liquidated.
Rob Hunt, Mike Jervis and Rob Birchall of PwC will take charge of TWR Group and some of its subsidiaries, which include TWR automotive engineering and TWR International Holdings.
Year-end results for June 2002 showed turnover exceeding £140m, for the specialist automotive group which employs approximately 500 workers.
Part of the group’s collapse relates to the demise of Arrows, which is currently be liquidated by partners at PKF, after going into receivership in December.
Joint administrative receiver Rob Hunt said the group had suffered in recent years through the loss on its investment in Arrows as well as the downturn in the sector.
But he gave signs that the future might be brighter for TWR: ‘We are confident that with the support of customers and employees the business can continue to trade whilst a purchaser is found. Expressions of interest have already been received and we are looking to pursue those as quickly as possible.’