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BRITISH World Airlines has gone into receivership after a three week search by the carrier’s management failed to find a backer.

The Southend Airport-based airline, which specialised in providing back-up planes for other carriers, said poor trading conditions in the aviation sector - exacerbated by September 11 - accelerated the failure.

Kent-based Tangney Tours owner John Tangney paid tribute to BWA. “It is a sad day for us that our long-standing relationship with BWA has come to an end. It is an even sadder day for all those good people who worked so hard for an excellent airline.” 

A spokesman for BWA, founded as Silver City Airways in 1946, added: “The board of British World Airlines would like to pay particular tribute to the staff who have been extremely supportive of the company during very difficult and testing times.

“This is a personal tragedy for all involved, particularly in the build-up to what should be the festive season.”

320 staff will lose their jobs.