Top racing company Reynard, whose Bicester factory was the world's largest manufacturer of racing cars until four years ago, is to go into receivership.

About 100 staff learned on Thursday, March 28, they had been made redundant by Reynard Motorsport, Britain's largest production racing car constructor. In February, 50 workers lost their jobs at the company.

Adrian Reynard, founder and chairman of Reynard Motorsport, said: "It is the worst day of my business life and in the history of the company.

"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.

"It has been a combination of factors which has led to our situation today.

"Our aborted float on the US Stock Exchange, which put a strain on our financial resources, and the sub- sequent changes in the US autoracing market are just some of the influences on the downturn in fortunes of the company."

The company's cars won several Indy Car championships in the 1990s, including the Indy Car World Championship in 1996.

Four years ago most of the £300,000 cars on the starting grid at Indy races were made by the company, but due to competition from Lola cars, they now have just four.

Henley accountants Hurst Morrison Thomson have been made receivers.