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13 Feb 2003, 23:22 (Ref:505960)
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Veteran
Join Date: Mar 2000
Posts: 4,413
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TWR in trouble as well.................
Arrows blamed for TWR receivership
Purchaser sought for automotive specialist firm The collapse of the Arrows Formula 1 team has been blamed for the TWR Group following it into administrative receivership. The Witney-based specialist automotive and motorsport company, which has approximately 500 employees and had a 2002 turnover in excess of £140million, is now in the hands of administrative receivers PricewaterhouseCoopers. Company owner Tom Walkinshaw was also team principal of F1 team Arrows, which collapsed at the end of 2002. Rob Hunt of PricewaterhouseCoopers said: "The TWR business has a strong and established reputation built up over a number of years by working for major car manufacturers. The group has suffered in recent years through the loss on its investment in Arrows, as well as a general downturn in the sector. "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." www.autosport.com |
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14 Feb 2003, 06:37 (Ref:506123)
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Veteran
Join Date: Dec 2000
Posts: 4,071
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Wow...I wonder how this will affect the HRO/TWR umbrella in Australian V8 Supercars.
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__________________
Don't let manufacturers ruin F1. RIP Tyrrell, Arrows, Prost, Minardi, Jordan.
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14 Feb 2003, 07:23 (Ref:506152)
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Llama Assassin and Sheep Botherer
Veteran
Join Date: Sep 2002
Posts: 4,212
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Surprise
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14 Feb 2003, 07:28 (Ref:506159)
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#4 | ||
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Veteran
Join Date: Feb 2000
Posts: 7,491
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From F1-Live: After being forced to sit by and watch his Arrows Formula One team be placed into receivership last December, Tom Walkinshaw is now facing even more heartache with the collapse of his Motorsport empire, the TWR Group.
According to latest reports, the 140 million pound empire has also been placed into receivership after a snow ball effect of the Formula One team's demise. When the FIA decided that they would not accept the team's application to participate in the 2003 season, the rest of Walkinshaw's business interests were plunged into difficulty. The TWR Group employed over 500 people in Britain, employees that will now join those from Arrows and Prost on the unemployment lines….. This article is slightly less enthusiastic than the Autosport article. The obvious question is : If TW cannot run the TWR Group, then how can any other group take over this lot? Is Price Waterhouse Cooper just trying to drum up interest? I cannot see anyone stumping up money to take over any business from TWR after his roasting from the judge at his previous hearing. That's like throwing good money after bad. |
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14 Feb 2003, 07:47 (Ref:506167)
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#5 | ||
 Race Official1% Club
Join Date: Dec 2002
Posts: 46,683
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The big part of the TWR Group is the 75% of HSV that they control..
So Holden would likely have preemptive rights in their JV agreement for this part. If there is anything worth 2 bob in the rest of the group a Prodrive type operation might run the ruler over it Wonder if Gloucestershire Rugby Club is still ok? |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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14 Feb 2003, 07:47 (Ref:506168)
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#6 | ||
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Subscriber
Veteran
Join Date: Jan 2000
Posts: 4,304
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I would imagine buyers will come in cherry pick, and leave the rest.
TWR do a lot of fairly sensitive work for the car makers, I'm sure one of them will want to step into to protect their R&D. |
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__________________
'I've seen it, but still don't believe it.....'
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14 Feb 2003, 10:36 (Ref:506273)
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#7 | |||
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Llama Assassin and Sheep Botherer
Veteran
Join Date: Sep 2002
Posts: 4,212
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Quote:
 If my business was 75-80% down on what it did the prevous year I'd be down the dunny too! 
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14 Feb 2003, 11:36 (Ref:506339)
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#8 | ||
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Subscriber
Veteran
Join Date: Jan 2000
Posts: 4,304
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Strange isn't it, that a businessman who's canny enough to build up a big group like that (over many recessionary periods), can see it go up in smoke quite quickly.
I believe that TWR were in fact Arrows biggest creditor and it's alledged that Cosworth (Ford) are pursuing TW personally for their money from last year. Not going to be a good year for TW. |
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__________________
'I've seen it, but still don't believe it.....'
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14 Feb 2003, 11:48 (Ref:506352)
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#9 | ||
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Veteran
Join Date: Oct 2001
Posts: 1,168
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VB: you can take off the hex now....
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__________________
Growing old is mandatory. Growing up is optional.
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14 Feb 2003, 13:06 (Ref:506450)
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#10 | |
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Retired
Veteran
Join Date: Apr 2001
Posts: 632
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It's bad news where I live as TWR serves so much of our part of Oxfordshire regarding employment. There are 500 jobs at risk now - mainly in Witney, Leafield and Kidlington.
Imagine what it's like for a several employees though - those ex-Arrows people who thought they'd avoided unemployment when the Grand Prix team folded by transferring to another part of the TWR group. And I forgot to add: Tom Walkinshaw is a senior person at Gloucester Rugby Club. They are already in serious financial trouble (and searching for a buyer) and this latest development can only make things worse for them. Last edited by Suzy; 14 Feb 2003 at 13:08. |
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17 Feb 2003, 03:42 (Ref:509109)
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#11 | ||
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Veteran
Join Date: Nov 2002
Posts: 729
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Here's a sign of the times. Until management at all levels (including our governments) start pulling their collective heads out of their asses, it's going to get worse.
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__________________
Gawky supermodels may look stunning in the right clothes, on the right catwalk, in the right city, but in an M&S jumper, on a crowded street, on a wet Wednesday afternoon, only classic good looks will catch the eye. - Ian Eveleigh.
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17 Feb 2003, 04:17 (Ref:509127)
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#12 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,683
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Interesting about Gloucester Rugby Club... I thought TW owned that club as well???
The Australian end is sorted, JV partner Holden Ltd bought HSV & the racing arm HRT some time ago it seems... Is Phoenix Finance Ltd part of this technical administration? |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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17 Feb 2003, 05:04 (Ref:509145)
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#13 | ||
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Veteran
Join Date: May 2001
Posts: 10,040
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Any comment from Tom?
I was under the impression he owned the club, or at least a major shareholder. As well as Phoenix Finance, what about DART? What does this mean for the TWR Museum (We can't let those Jaguars and the 1990 Bathurst winning Commodore fall into the wrong hands  )
Last edited by racer69; 17 Feb 2003 at 05:06. |
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__________________
"The Great Race" 22 November 1960 - 21 July 1999
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17 Feb 2003, 06:18 (Ref:509182)
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#14 | |||
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Veteran
Join Date: Feb 2000
Posts: 7,491
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That's not fair
Quote:
 As for his financial enpire, I think the judge's summing up of TW tells it all. If he did business the same way he ran Arrows, then none of this comes as a surprise, nor could I imagine anyone wanting to get involved financially with TW. Think carefully: would you buy a used car from this guy?
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17 Feb 2003, 11:00 (Ref:509364)
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Veteran
Join Date: Oct 2001
Posts: 1,168
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Re: That's not fair
Quote:
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19 Feb 2003, 03:05 (Ref:511211)
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#16 | ||
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Veteran
Join Date: Feb 2000
Posts: 7,491
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When I said lose his libido, I didn't mean for it to drop off
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19 Feb 2003, 03:37 (Ref:511230)
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#17 | ||
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Veteran
Join Date: Feb 2000
Posts: 7,491
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Let me correct that - I didn't mean for his business to drop off.
Last edited by Valve Bounce; 19 Feb 2003 at 03:38. |
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19 Feb 2003, 03:58 (Ref:511241)
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#18 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,683
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His wallet dropped off... in some cultures it means the female advances tend to slow down at a very quick rate
Holden should buy the 1990 Bathurst winner & donate it to the museum at Bathurst |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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19 Feb 2003, 12:29 (Ref:511507)
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#19 | ||
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Rookie
Join Date: Jan 2003
Posts: 72
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Tom Walkinshaw made a career of screwing drivers out of their drives, not paying engine bills and back stabbing in general. He will now learn that the world offers no corners for people to hide. You do it to others, you are bound to get it in return. The racing world will be a better environment without his presence.
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__________________
Results may vary, batteries not included.
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19 Feb 2003, 13:09 (Ref:511541)
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#20 | |
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Veteran
Join Date: Feb 2001
Posts: 5,402
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Don't forget that if TWR goes down, it's not just TW who suffers- there are going to be a lot of people looking for jobs.....
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19 Feb 2003, 13:10 (Ref:511542)
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#21 | ||
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Veteran
Join Date: Oct 2001
Posts: 1,168
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I'm sure that TW has his own money tucked away nicely where it can't be touched. I can't see him have to go busking on the streets. Its just the business and staff that will suffer.
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__________________
Growing old is mandatory. Growing up is optional.
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