Lorry driver held after two cyclists are killed hours after starting a Land's End to John O'Groats ride Andrew McMenigall, 47, and Toby Wallace, 36, died after being hit by a lorry The pair were just 40 miles into their planned 960-mile cross-Britain trip Accident happened on the A30 just outside Newquay, Cornwall The friends were aiming to raise £10,000 for charity with their cycle ride A lorry driver has been arrested after two cyclists were killed hours into a 960-mile cycle ride from Land's End to John O'Groats. Andrew McMenigall, 47, and Toby Wallace, 36, died after being struck by a 32-tonne truck on the A30 near Newquay. They were just over 40 miles into their planned seven-day ride when the crash happened shortly after the morning rush hour. Crash victims: Toby Wallace, 36, and Andrew McMenigall, 47, who died after being hit by a lorry 40 miles into their Land's End to John O'Groats ride The two men were hoping to raise £10,000 for a trust set up in memory of their 25-year-old former colleague Kirsten Scott who died from cancer in October 2011. A 31-year-old lorry driver from Holsworthy, Devon, was arrested after the accident on Tuesday on suspicion of causing death by dangerous driving and later released on bail. Mr McMenigall had worked as an Edinburgh-based senior investment manager for global investment firm Aberdeen Asset Management since 2003. Mr Wallace was a graduate of Jesus College in Cambridge but was most recently based in Philadelphia, US, where he worked for the company as a senior relationship manager. Martin Gilbert, chief executive of Aberdeen Asset Management, said: 'I knew both Andrew and Toby well. They were dedicated and popular members of our senior team. Horror: A crumpled bicycle lies on the road following the accident which claimed the lives of Andrew McMenigall, 47, and Toby Wallace, 36 Wreckage: The other bicycle is seen resting in long grass at the side of the road following the double fatal accident Accident scene: This is the place where the two cyclists were killed on the A30 near Newquay, Cornwall, as they began their ride to John O'Groats Cycle ride: Mr Wallace and Mr McMenigall had got just 40 miles from Land's End (pictured) when they were hit by a lorry and killed The fact that they died in such tragic circumstances while trying to help others less fortunate tells you much about their selflessness and humanity. This is a terrible day for the company. More importantly, our thoughts are with the families of Andrew and Toby. We will be doing everything we can to support them. Mr McMenigall had previously graduated as an Officer in the British Army from Royal Military Academy Sandhurst before completing an MBA at the University of Edinburgh. The father-of-two was also vice-president of Edinburgh Triathletes where he had coached Olympic hopefuls for the past seven years. In a statement, club president Gavin Calder yesterday said Mr McMenigall was an 'all-round good guy'. He said: 'I am sure that I speak for all in the triathlon and cycling communities in registering my shock and sadness at the tragic and untimely death of our fellow Edinburgh Triathlete Andrew McMenigall on the Cornish roads. Andrew was a true club man - giving of his time freely to bring on triathletes of every standard at all times of the day. He was a giant of the club. 'Andrew loved his cycling and I know that he really enjoyed the last few months training for his Land's End to John O'Groats challenge. Typically he was doing it for the benefit of others - raising money for the Kirsten Scott Memorial Fund. Accident: Firefighters and paramedics work at the scene on the A30 near Newquay as the road is closed after the crash on Tuesday He was a dedicated Vice President and all round good guy and I know that his loss will be sorely felt by all those connected to the Edinburgh Triathletes. 'Our thoughts and prayers are with Andrew's family at this time.' Mr McMenigall's devastated wife Anne was too upset to comment yesterday. The Kirsten Scott Trust was set up to provide grants to young people under the age of 26 to help with personal development. A spokeswoman for the charity said: 'We are all devastated to learn of this dreadful news. Our thoughts and prayers are with Toby and Andrew's families and friends at this sad time.'