Receivers Philip Long and Brian Hamblin are negotiating with finance companies regarding the web auction of the former Formula One outfit.
Most of Arrows’ assets will be sold in a web auction except the wind tunnel, which will be sold directly to one of the F1 teams. The date of the auction is still to be confirmed.
Arrows went into liquidation early this year after attempts at selling thebusiness as a going concern failed.
Although the receivers claimed to have a few ‘serious offers’ for the whole business, they opted to break it up because it would create a better return for creditors.
No staff will be made redundant by the receivers as the former ownershad already let them go.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies