More than 100 people working for car specialists TWR are to lose their jobs in Sussex, it has been confirmed.
Workers knew they were facing an uncertain future after the firm went into receivership.
It has now been confirmed 108 jobs will be axed in Lyons Way, Worthing, with another 150 in Witney, Oxfordshire.
A further 40 people whose jobs are split between the two sites are also being made redundant, leaving TWR with 165 employees nationwide.
The firm, a car manufacturer and racing engine specialist, is owned by multi-millionaire Tom Walkinshaw. It had a reported turnover of £140 million for the year to June 30.
Receivers for the motor sport empire said they had held a series of unsuccessful meetings with TWR's customers and suppliers in an effort to secure their support while a buyer is sought for the business.
In a statement, Rob Hunt, of PricewaterhouseCoopers' business recovery division, said: "Unfortunately, we have been unable to agree revised trading terms with regard to one of the group's major projects to allow the project to continue.
"Without continuing this project, the group would have incurred significant trading losses and we have been left with no alternative but to effect significant redundancies."
The firm'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.
Receivers are still trying to secure a buyer.
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