Hundreds of workers are today facing renewed uncertainty following the collapse of takeover talks between two car giants.

More than 750 staff at the Daewoo technical centre in Worthing are waiting to hear whether another buyer can be found for the Korean company after Ford announced it was pulling out of a buyout deal.

More than 100 jobs at the centre at Lyons Farm were axed this summer because of the company's increasing financial problems.

Remaining staff had hoped the planned takeover by Ford would ensure their future was secure.

The company is one of Worthing's largest employers and is a major economic force in the town.

Last week it presented Worthing mayor Ann Lynn with a new £15,000 car to show it was still committed to the area and wanted to build good links with the local authority.

Bosses at Ford said it was not possible to formulate a proposal that would be in the best interests of both Daewoo and Ford and their respective shareholders.

Oh Hogen, head of the Daewoo restructuring team, has said creditors can continue to support Daewoo Motor for a few years but the company does require a foreign partner in the longer term.

General Motors and Fiat are now discussing a renewed takeover bid for Daewoo and a decision is expected to be made by the end of the week on which company will be chosen.

A spokesman for the Manufacturing, Science and Finance Union said the news had raised new uncertainties among staff.

He said: "There has been a lot of uncertainty and unhappiness over the last few months, especially since we learned earlier this year about the jobs that were being lost.

"Knowing that the company is suffering financial difficulties abroad and that it is struggling to find a buyer just increases that worry.

"We shall be in close talks with management here to find out exactly what is going on and to protect the livelihoods of our members."