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Monday, 1 April, 2002, 16:39 GMT 17:39 UK
Reynard forced into receivership
Adrian Reynard collects the 1997 CART award for manufacturers
Reynard during award-winning times with the team
British racing car manufacturer Reynard Motorsport has been placed in receivership.

Efforts to recapitalise the company have failed and with a lack of financial investments there was no alternative but to hand control over to the receivers, a statement said.

The firm, set up by Adrian Reynard in 1973, was until recently one of the leading names in the manufacturing of race cars.

Over the past three decades Reynard Motorsport achieved considerable success in motorsport around the globe.


It is the worst day of my business life and in the history of the company
Adrian Reynard
Founder and chairman of Reynard Motorsport
It has been the market leader in the American Cart Championship, Formula Three, Formula 3000, and the Japanese Formula Nippon Series.

Reynard has won over 150 motor racing championships worldwide, including successive Cart titles between 1995 and 1999 as well as the Indy 500 two years in a row during the 1990s.

But it has been hit hard in recent years by increased competition from long-time rival Lola, which was pushed to the brink of financial ruin in the 1990s by competition from Reynard.

Reynard announced that staff losses would number over 100 people, although the company will continue to be run under the management of receivers.

Reynard Motorsport has trade creditors of over 3m, in addition to Adrian Reynard, who is substantially the company's largest single creditor.

'Devastated'

Reynard, one of the main men behind the launch of Formula One team British American Racing in 1999, blamed a number of factors for the company's troubles.

These included the company's abortive floatation on the US stock exchange and changes in the American motor racing market.

"It is the worst day of my business life and in the history of the company," he said.

"Reynard has had so much success over the last three decades and I'm devastated that it has ended this way, but we had no choice."

See also:

12 Jan 01 |  Motorsport
Victory 'on the horizon for BAR'
04 Jan 01 |  Motorsport
Co-founder quits BAR F1 team
12 Aug 01 |  Motorsport
Castroneves wins in Ohio
Links to more Motorsport stories are at the foot of the page.

 

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