Williams sponsor Baugur goes belly up

(GMM) The former Williams sponsor Baugur Group, an Icelandic investment company, has applied for court protection from its creditors.

Grove based Williams carried signage of the Baugur brands All Saints, mydiamonds.com and Hamley's last year, but the company has been rocked by Iceland's financial and economic collapse.

There was speculation last year about even closer ties between Williams and Baugur, but the new FW31 did not feature a single Baugur brand when it was revealed in an interim livery last month.

It emerged on Wednesday that the Group applied to a District Court in Reykjavik for a "moratorium process" to protect its assets and "all creditors".