More than 150 workers employed by a Worthing-based car manufacturer are facing an uncertain future after their firm went into receivership.

The TWR Group, based at the same ill-fated site in Lyons Way where Daewoo made hundreds of redundancies, is set to be bought out.

The troubled group, which has about 500 employees in the UK and more than 150 in Worthing, has suffered through the loss on its investment in the Arrows Formula One team - itself in receivership - and a general downturn in the industry.

Financial services group PricewaterhouseCoopers said it had been appointed administrative receivers of TWR and was now working to find a buyer.

Rob Hunt, a partner at PricewaterhouseCoopers, said TWR had built up a "strong and established reputation" over a number of years by working for major car manufacturers.

He added: "We are confident that with the support of customers and employees, the business can continue to trade whilst a purchaser is found.

"Expressions of interest have already been received and we are looking to pursue those as quickly as possible."

Four of the group's subsidiaries - TWR Automotive Engineering, TWR International Holdings, TWR Automotive Contracts and Crailglade - have also been placed in receivership.

TWR, based in Witney, Oxfordshire, and Worthing, reported turnover of more than £140 million for the year ending June 30.

The group's core business is the design, engineering and manufacture of road and racing cars as well as road and racing engines.

Some of the major car manufacturers it has worked for include Aston Martin, Jaguar, Volvo and Renault.

The announcement comes just two months after debt-ridden Arrows went into receivership following the failure of its sale to a German investment group.

Accountants PKF were appointed administrative receivers of Oxfordshire-based Arrows in December.

TWR, run by Tom Walkinshaw, took over top secret vehicle research facilities at Lyons Farm from Daewoo in a £4.5 million deal in 2001.

No details have been released about the future of employees.