Borrowed from hsv.com.au:
"February 14, 2003
TWR Group Limited and the following subsidiaries in the UK are in Administrative receivership effective Thursday February 13, 2003 – TWR Automotive Engineering Limited, TWR International Holdings (UK) Limited, TWR Automotive Contracts Limited and Craiglade Limited.
In a statement released in England overnight, the Administrator receiver, PricewaterhouseCoopers said they are confident that with the support of customers and employees the business can continue to trade whilst a purchaser is found. Expressions of interest had already been received and we are looking to pursue those as quickly as possible.
We are advised the appointment of Administrative Receivers in the UK based companies will not impact the operation of Holden Special Vehicles, Holden By Design or our Racing Operations.
The Australian operations are profitable and we are working closely with Holden on a major long term growth strategy. We will continue to play a leading role in performance vehicles and motor sport in this country.
For us – its business as usual with our major challenge being to tackle our outstanding future growth prospects.
JOHN A CRENNAN"