A motorsports company from Oxfordshire has been served with a High Court writ claiming £120,000 worth of equipment has not been returned to its supplier.

Walkinshaw Performance Ltd, operates from Broadstone Hill, Chipping Norton, and is owned by Tom Walkinshaw, one of motorsport's most well-known figures.

The firm has received notice of the action from Motor Sport Development Ltd, based in Milton Keynes.

The writ stated: "In or about June 2006, a number of items of tooling, machinery, equipment and stock were delivered to the defendant's premises.

"After June 2006, the claimant allowed the assets and stock to be used at the defendant's premises as a goodwill gesture whilst the claimant was engaged in negotiations for a joint venture with the defendant. That joint venture did not materialise.

"The claimant requires the return of the itemised goods and has on numerous occasions requested the return of the itemised goods from the defendant."

Motor Sport Development said it asked for the return of the goods via email on April 24 this year and via subsequent letters from its solicitors on May 27, June 24 and August 8.

The writ continued: "The defendant has been informed on several occasions that the claimant requires the outstanding itemised goods in order to carry on its business and meet its ongoing commitments with third parties and that a failure to deliver up the outstanding itemised goods would incur financial loss to the claimant."

In total, Motor Sport Development is claiming £120,500, including court fees and solicitors' costs.

Mr Walkinshaw's racing team, Tom Walkinshaw Racing (TWR) entered Volvo estates into the British Touring Car Championship and developed road cars including the Jaguar XJ220 and Aston Martin DB7.

TWR went into administrative receivership in 2003 when Arrows, its Leafield-based Formula One team, collapsed with the loss of 250 jobs.

A spokesman for Walkinshaw Performance Ltd today said she was unable to comment on the writ.