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MARCH 28, 2002

Reynard goes out of business

IT has been expected for some time but Reynard has finally announced that it has been placed in receivership with immediate effect. The news means that around 100 people will lose their jobs. The company owes millions of dollars to creditors in the motorsport world (around $4.5m) and something like $10m which is owed to Adrian Reynard.

Reynard was founded in 1973 and enjoyed considerable success in a variety of different series, notably CART and Formula 3000. The company owns a shareholding in British American Racing although this asset will problem be sold on by the receiver.