Tom Walkinshaw Racing (TWR), the British automotive engineering group that recently lost some £20 million by investing in the failed Arrows F1 racing team, has gone into administrative receivership under PricewaterhouseCoopers. Pwc administrator Rob Hunt said he hoped the business could be sold.

TWR has been a supplier of specialist engineering and assembly services to vehicle manufacturers including Volvo, Renault, Ford and GM. It employs some 500 staff.