Friday 25th February 2011

Coventry Company Buys Out Spyker

Dutch supercar maker is now fully in British hands

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Britain has a new supercar manufacturer to call its own today as Coventry-based CPP has announced a deal to buy the Spyker sports car brand.

Coachbuilder CPP Global Holdings has signed a Memorandum of Understanding to acquire the assets of the Spyker luxury sports car company from Spyker Cars N.V. - the Dutch holding company that currently operates the Spyker and Saab Automobile businesses - for 32 million euros (£27m).

CPP has produced chassis and body panels for Spyker since the brand's resurrection in 2000 and, in 2009, signed an agreement with Spyker to build the C8 Aileron (which will now get a Corvette-sourced V8) and all future Spyker models in their entirety at a new facility in Coventry.

"This acquisition is very positive news for everyone connected to Spyker," says Brendan O'Toole, Managing Director of CPP Global Holdings. "We're absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.

"Production of the new Spyker flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting."

The deal doesn't include the acquisition of the rather larger car maker Saab, however - that still belongs to Spyker Cars N.V.

[TheCoolerKing]

Next year in German ownership

[richb77]

Bye Bye Spyker

Wont last long in British hands before its broke and filing for bankruptcy.

I hope i am wrong though.

[Digga]

richb77 said:

Bye Bye Spyker

Wont last long in British hands before its broke and filing for bankruptcy.

I hope i am wrong though.

Come on!

Let's have a (hopeful) hooray for British ownership and industry. Let's not gun it down before it's even set sail.

[HowMuchLonger]

So Spyker buy Saab, then sell Spyker. What was the point in buying Saab then?

[scotty_917]

Good luck guys...and forget the doom mungers (an unfortunate 'british' trait!)

[richb77]

I did say i HOPE it doesnt.

I dont doubt British design or engineering for a second. Its the management that lets us down

Wish i could afford to do my bit in keeping it going. I love the Spykers.

[Alfa numeric]

So let me get this straight:

Spyker no longer own Spyker, just SAAB.

Why???

[toast boy]

That's a bit of a merry-go-round of brand sales! £27m sounds quite cheap for a car manufacturer?

[al1991]

Fair enough.

Hope they do well .

[acer12]

Alfa numeric said:

So let me get this straight:

Spyker no longer own Spyker, just SAAB.

Why???

No you have it wrong, Coachbuilder CPP Global Holding used to own spyker, then they also bought saab and have now sold spyker

[HowMuchLonger]

acer12 said:

No you have it wrong, Coachbuilder CPP Global Holding used to own spyker, then they also bought saab and have now sold spyker

No you have it wrong. Coachbuilder CPP Global Holding are the purchaser not vendor. They used to build the Spyker (outsourced by Spyker), now they own and build Spyker, where as Spkyer now own SAAB.

Edited by HowMuchLonger on Thursday 24th February 12:32

[Digga]

HowMuchLonger said:

acer12 said:

No you have it wrong, Coachbuilder CPP Global Holding used to own spyker, then they also bought saab and have now sold spyker

No you have it wrong. oachbuilder CPP Global Holding are the purchaser not vendor.

Err, hang on, so I gave you a tenner, and....

[HowMuchLonger]

Digga said:

rr, hang on, so I gave you a tenner, and....

....I spent it on a bag of 50p coins, so you cant have it back.

[louismchuge]

richb77 said:

Bye Bye Spyker

Wont last long in British hands before its broke and filing for bankruptcy.

I hope i am wrong though.

That's the spirit, because they are no huge incredibly successful multi-national British businesses...

[tridave]

toast boy said:

That's a bit of a merry-go-round of brand sales! £27m sounds quite cheap for a car manufacturer?

Not for one that has a poor business performance, would you spend £27m on a company in a very competitive sector, and the only companies surviving are the ones backed by global companies.

Good luck to them, hopefully they will have the business plan & funds to execute the development and quality manufacture infrastructure.

[acer12]

HowMuchLonger said:

No you have it wrong. Coachbuilder CPP Global Holding are the purchaser not vendor. They used to build the Spyker (outsourced by Spyker), now they own and build Spyker, where as Spkyer now own SAAB.

Edited by HowMuchLonger on Thursday 24th February 12:32

And so I do, appologies Alfa numeric, ill crawl back under my rock

[Frimley111R]

Its really odd from an outsider's viewpoint, Spyker owns SAAB but not the Spyker car company. Still, Spyker made some nice cars, lets rename them Austin or Healy or something and claim them as our own!

CAR mag had a big article on the new Spyker, looked very very nice.

[M666 EVO]

Digga said:

Come on!

Let's have a (hopeful) hooray for British ownership and industry. Let's not gun it down before it's even set sail.

Here here. Good luck whoever did what and bought whatever from whoever!

Yeah but no but...

[Lightningman]

http://www.canadianbusiness.com/markets/market_new...

I'm not sure how the PH story relates to the above but it seems to be going the way of TVR according to the other source?

[Robmarriott]

CPP won't go bust, not with the contracts they have...