FEBRUARY 14, 2003

TWR Group goes into receivership

Tom Walkinshaw's TWR Group has been placed in receivership. The failure of the firm is being blamed on the loss of $30m which TWR had invested in Arrows and on the difficult economic climate at the moment with car manufacturers cutting back on specialist engineering projects.

Tom Walkinshaw's TWR Group has been placed in receivership. The failure of the firm is being blamed on the loss of $30m which TWR had invested in Arrows and on the difficult economic climate at the moment with car manufacturers cutting back on specialist engineering projects. The firm, which employs 500 people is likely to be sold by the administrative receiver.