Receivers called in by Reynard.
Reynard Motorsport have gone into receivership, the UK-manufacturer being unable to continue in what has turned out to be an unviable financial position. Attempts by company principal Adrian Reynard to find a buyer have proved fruitless, and the company has debts reported to be in excess of ?3 million, though recent rumour has placed them much higher.
Reynard Motorsport have gone into receivership, the UK-manufacturer being unable to continue in what has turned out to be an unviable financial position. Attempts by company principal Adrian Reynard to find a buyer have proved fruitless, and the company has debts reported to be in excess of ?3 million, though recent rumour has placed them much higher.
Stories that Reynard's business situation was perilous have been circulating for some months, and a number of CART teams, the company's biggest market in recent years, running Reynard chassis have been testing alternative chassis just in case this situation arose, potentially depriving them of spares and technical back-up for their equipment. This week Team Motorola - who ran a Reynard chassis in the CART season-opener - tested a new Lola as an 'evaluation test'.
Attempts by Reynard to diversify their markets have foundered recently. The company won the contract to supply the chassis for the nascent Premier F1 GP series, only to have that revenue stream put on hold when the championship was delayed for a year. Similarly, they were a bidder for the role of chassis supplier to the Indy Racing Infiniti Pro series, only to lose out to Dallara.
Reynard was founded in 1972, and has built race-winning chassis for many different championships, and claiming the CART series in six successive seasons. Now based on a 14-acre site in Brackley, adjacent to the BAR Formula One facility, the company was until recently employing in excess of 200 staff and reporting an annual turnover in of over ?40 million.
