TWR jobs to go

Although they knew their employment was on the line after the TWR Group was placed in receivership last week, the news was still devastating for employees at the Lyons Farm, Broadwater, site.

Their hopes of staying at work until a new buyer for the group was found were dashed by the sudden withdrawal of a major customer.

The Herald understands that workers were called to a lunchtime meeting on Friday and were split into two groups.

Those in the larger group were told they had been made redundant and the others were informed that they were being kept on '” for a while at least.

Rob Hunt, of PricewaterhouseCooper, said on Tuesday: "We have had a series of meetings and discussions with the TWR Group's customers and suppliers in an attempt to secure their interim trading support while we continue our search for a buyer of the business.

"Unfortunately, we have been unable to agree revised trading terms with regard to one of the group's major projects to allow the project to continue.

"Without continuing this project, the group would have incurred significant trading losses and we have been left with no alternative but to effect significant redundancies."

Mr Hunt said a total of 298 people were made redundant on Friday, leaving a remaining workforce of 165 people within the group, which also has a base in Witney, Oxfordshire.

"We are continuing discussions with customers concerning a number of the group's other projects and these are at a critical stage," Mr Hunt ended.

One of the Worthing shop floor workers made redundant on Friday, who asked just to be called "John", told the Herald: "I am fed up with the way this is being handled.

"I spoke to PricewaterhouseCooper and they said they could pay us only up to and including the first two weeks in February.

"We have been made redundant and left high and dry."

"John" added that although he was having to pay off a mortgage and he and his wife had a teenage son, he was in a better position than many others who had been made redundant.

"One of my friends has a young baby, which was born just before Christmas. I only hope that they can sell the business and we can all go back to work."

The TWR site was previously occupied by the Korean Daewoo motors group, which sold the troubled development centre in the spring of 2001 to Tom Walkinshaw Racing for more than 4.5 million.

TWR gained a high reputation with its businesses in the automotive and motorsport industry, including the building of specialist racing engines.

The group's fortunes recently took a downturn through the loss on its investment in Arrows, the Formula One team which went into receivership in December, as well as a general downturn in the sector.