HRT in recevership???????????

Champ69 · 14 Feb 2003, 02:08 (Ref:506045)

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

Is this true about TWR and if it is will HRT follow as it belongs to TWR?????

Champ69 · 14 Feb 2003, 02:13 (Ref:506046)

I am not sure about this story as there is no news regarding it on the twr website.

http://www.twr.co.uk/

**GTRMagic** · 14 Feb 2003, 02:15 (Ref:506047)

It is mentioned on the HSV site and is real! JA Crennan even commented on it

The legal entity you mention is slightly wrong, the business in administrative receivership in the UK is TWR Group Ltd and their subsidiaries, including the vehicle that owns 75% of Premoso Pty Ltd, the holding company for HSV in Australia

racer69 · 14 Feb 2003, 04:15 (Ref:506093)

This is really a shame.

Whether you like them or not, TWR has invested a heap into not only Australian Touring Car racing but world motorsport over the years, and doesn't deserve this ending.

GTV27 · 14 Feb 2003, 04:21 (Ref:506094)

I wonder whether PWC will split up the TWR group - HSV might end up on the market in its own right - prime for a Holden buyout (maybe Ford would be interested

)

Conrod Kieron · 14 Feb 2003, 07:21 (Ref:506149)

TWR is simply a business though, plenty of other businesses have pumped money into there respective industry and failed.

With TWR owing big bucks to Cosworth, maybe Ford will do a deal and take over TWR, Grech and the boys would be working for the enemy then

Ozenigma · 14 Feb 2003, 08:43 (Ref:506206)

I think you would find holden would have the option to purchase the percentage that TWR own of the HSV, Holden already have a major ownership in it so I am sure it would be an easy thing and has even been hinted at on the forums for some time now. Could even be the real reason to HRO?

Conrod Kieron · 14 Feb 2003, 09:00 (Ref:506215)

Possibly Ozenigma, but I don't think Holden can simply ask the receiver to allow them to buy a slice of the TWR.

Holden could have bought TWR out of the business before the receivers took over however.

Ozenigma · 14 Feb 2003, 09:15 (Ref:506222)

You would think that Holden would have been working with Uncle Tom for a while, He had high level meetings with them around the time of Bathurst and remember that it was just after this that the first hint of HRO and Brock coming onboard began to show.

Amaroo Park · 14 Feb 2003, 09:33 (Ref:506232)

Quote:

Originally posted by Ozenigma
I think you would find holden would have the option to purchase the percentage that TWR own of the HSV, Holden already have a major ownership in it so I am sure it would be an easy thing and has even been hinted at on the forums for some time now. Could even be the real reason to HRO?

Holden own 25% and TWR 75%. The joint venture company is called Promoco

Airhead · 14 Feb 2003, 10:24 (Ref:506268)

So they are only 75% rooted then?

The Tool Man · 14 Feb 2003, 11:51 (Ref:506358)

Quote:

Originally posted by racer69
This is really a shame.

Whether you like them or not, TWR has invested a heap into not only Australian Touring Car racing but world motorsport over the years, and doesn't deserve this ending.

Yeah what he said !!!

The Tool Man · 14 Feb 2003, 11:53 (Ref:506360)

Quote:

Originally posted by AMoffat
So they are only 75% rooted then?

Good One Moff

I just hope its not some kind of cruel joke or publicity stunt. I hope its not the big announcement we are expecting on the 19th

The Tool Man · 14 Feb 2003, 12:42 (Ref:506426)

This wouldnt greatly effect the runningof HRT/ KMART and Team Brock would it ???

William Dale Jr · 14 Feb 2003, 13:06 (Ref:506451)

I wouldn't think so, but it would depend on whether or not TWR have a controlling stake in/provide substantial funding for any of those teams or if those teams are heavily reliant on TWR's engineering resources. I don't think either is the case.

Andrew2001 · 14 Feb 2003, 20:43 (Ref:506890)

What is so stupid about this, is that the Arrows team were one of the BETTER teams in F1. They really made genuinely fantastic racing cars. They just lacked reliability. So often, they were in good positions to score good points but the car would just break down. And when they got the Cosworth engine they made Jaguar look like amateurs, which is what they still are and always will be.
Really is a shame for them, just couldn't get enough money in to pay the bills yet the design and engineering team was one of the best in the pitlane.

Go Murph and Lowndes!

**GTRMagic** · 15 Feb 2003, 00:37 (Ref:507185)

So does this make sense now in light of the change in unveiling dates for HRT, KRT & Team Brock??

Companies dont just 'go bust' in a heartbeat... usually takes a little while for such events to occur

Amaroo Park · 15 Feb 2003, 03:06 (Ref:507279)

Quote:

Originally posted by William Dale Jr
I wouldn't think so, but it would depend on whether or not TWR have a controlling stake in/provide substantial funding for any of those teams or if those teams are heavily reliant on TWR's engineering resources. I don't think either is the case.

Holden have no financial stake in HRT, KMart and Team Brock other than sponsoring them. Those teams are owned and operated by TWR

Ozenigma · 15 Feb 2003, 03:29 (Ref:507286)

I do believe colin you are wrong on that point, Holden do have a stake, it is in the partnership agreement between them and TWR that the race team is under the control of the agreement. I even remember LP saying that he was given the contract to run the team by holden not by TWR. I am not 100% sure but if my memory serve me correct then this is the case. Correct ,me if I am wrong as we all make mistakes and hey I am getting old and it was a long time ago. :confused:

**GTRMagic** · 15 Feb 2003, 04:06 (Ref:507297)

The 3 race teams are owned I understand by HSV, or premoso pty ltd which is the trading company of HSV, which is the entity of the 75% TWR 25% Holden split.

Mr Squiggle · 15 Feb 2003, 04:43 (Ref:507300)

So who called in the administrators, then? If it's Cosworth chasing their money then that'll make for an interesting creditors meeting!

Pure GT · 15 Feb 2003, 04:51 (Ref:507301)

Quote:

Originally posted by Ozenigma
I think you would find holden would have the option to purchase the percentage that TWR own of the HSV, Holden already have a major ownership in it so I am sure it would be an easy thing and has even been hinted at on the forums for some time now. Could even be the real reason to HRO?

I think that you are on the money Ozenigma. Surely Holden would have stipulated this type of clause into the contract. If not, they would end up in bed with whoever the administrator sells the TWR group to. If they were unable to sell the group as a whole, they would sell off the assets individually, which still means that HSV would be up for sale and to the highest bidder. Holden probably have first option to purchase TWR's share in HSV at the administrators set price. Unless TWR has already done so????

**GTRMagic** · 15 Feb 2003, 05:27 (Ref:507308)

You believe that there are assets inside the TWR Group that are assigned a value? If the Arrows thing is any guide, tangible assets may be difficult to find

The Tool Man · 15 Feb 2003, 10:16 (Ref:507407)

There was a small piece on the TWR debarcle in todays Telegraph and claims by HRT it wont effect anything.

Ozenigma · 15 Feb 2003, 10:29 (Ref:507412)

I would say as a whole it wont make any difference to HRT/KRT/TB who has the name on the door. Holden are not going to let the main teams (HRO) be under funded when ford are in the first year of the Factory team. For all we know this puzzle is already solved and I believe has been for a lil while.