Car and racing engine maker TWR has confirmed it is to axe over 100 jobs at its plant in Worthing.
The receivers for the firm - owned by multi-millionaire Tom Walkinshaw - said they had held unsuccessful meetings with TWR's customers and suppliers in an effort to secure their support while a buyer is found.
Rob Hunt of PricewaterhouseCoopers' business recovery division, said: "We have been left with no alternative but to effect significant redundancies."
TWR is shedding 108 posts at Worthing and 150 at its base in Witney, Oxfordshire.
A further 140 jobs based between the two sites will also be cut, leaving the company with a nationwide workforce of 165.
TWR designs, engineers and manufactures road and racing cars and engines and has worked for companies including Aston Martin, Jaguar, Volvo and Renault.
Its Worthing plant is on the Lyons Farm industrial estate, the former site of Daewoo's Sussex base.
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