Wednesday 30 July at 11:29 : A German tool design and construction company already involved in formula one has this week bought the fixed assets of the defunct Super Aguri team.

Formtech GmbH said in a statement that it will use the former Honda-powered team's Leafield base to open its first UK operation.

The company said it hoped the move would lead to the forging of "business relationships within all areas of motorsport, including the provision of composite parts to formula one teams".

"We shall be employing a number of ex-Super Aguri staff who are experienced in the field of composite design and manufacturing," said managing director Franz Hilmer.

Formtech also bought Super Aguri's race equipment on Tuesday and hopes to sell it to someone wanting to run a team.