A report in Malaysia suggests that Tony Fernandes has put the British-based Caterham Group of motorsport, automotive and engineering companies up for sale.

Malaysian business journal The Edge, citing an unidentified source, reported on Sunday that group chairman Fernandes is looking for $589m (about £350m) for the whole business. 

In addition to Caterham Cars and the Formula 1 team, the group includes engineering specialist Caterham Technology and Innovation (CTI ) and Caterham Composites. 

The Edge’s report also said that a memorandum detailing the intention to sell has been circulated in the Middle East.

Back in 2011, Fernandes appeared to have secured the long-term future of Caterham Cars when he acquired the company from venture capitalist group Corven.

His ambitions to expand the size and scope of Caterham Cars experienced a setback earlier this year when it was confirmed that its sportscar collaboration with Renault had been annulled.

Additionally, the manufacturer’s plans to bring the striking AeroSeven concept to production have been delayed because customer feedback prompted an overhaul of the car’s design.

At the start of the year Fernandes said he could quit Formula 1 unless his team’s results improved. 

After six races Caterham is bottom of the constructors’ championship, and lost ground when fellow minnow Marussia scored its first-ever points in Monaco on Sunday.