Marcos in Administration
Discussion
Well, there's another British sports car company gone under.
Just heard today that Marcos Cars has gone into administration, despite all the promise it had shown with the new TSO. It vows to complete all existing work before 'winding down' business activities and selling up. Apparently the costs of producing sports cars in such limited number were quite high, and that their potential for profit had faded. The company had been under current ownership since 2002 iirc and I had recently thought they'd passed the difficult point of setting up a small car company and were going to last - obviously not.
So it's a sad day for British sports car fans - but given Marcos, with many highly esteemed folks working behind the scenes found sports car producing difficult, who'll be the next to go?
Just heard today that Marcos Cars has gone into administration, despite all the promise it had shown with the new TSO. It vows to complete all existing work before 'winding down' business activities and selling up. Apparently the costs of producing sports cars in such limited number were quite high, and that their potential for profit had faded. The company had been under current ownership since 2002 iirc and I had recently thought they'd passed the difficult point of setting up a small car company and were going to last - obviously not.
So it's a sad day for British sports car fans - but given Marcos, with many highly esteemed folks working behind the scenes found sports car producing difficult, who'll be the next to go?
I thought Tony Stelliga was bank rolling Marcos these days..? Is that not the case..?
I really struggle to comprehend how they can have got into this situation – surely the people involved must have realised the costs…?
It is however, IMO, a tragedy that yet another British sportscar firm has gone under.
Edited to correct spelling.
I really struggle to comprehend how they can have got into this situation – surely the people involved must have realised the costs…?
It is however, IMO, a tragedy that yet another British sportscar firm has gone under.
Edited to correct spelling.
Edited by Podie on Thursday 11th October 09:21
The TSO was stupidly overpriced, as I recall it was around 70K for a American V8 in a not particularly high tech car with a cheap looking interior.
People don't seem to be able to make a cheap V8 sports car like the '90s TVRs anymore.
I really don't see why a car of this type couldn't be successful if sold for a boxster/cayman price.
People don't seem to be able to make a cheap V8 sports car like the '90s TVRs anymore.
I really don't see why a car of this type couldn't be successful if sold for a boxster/cayman price.
Plotloss said:
_Batty_ said:
Plotloss said:
MonkeyMatt said:
Another one gone, whos gona be next!
Farbio, Ascari, Noble maybe.Take your pick.
I remember there were financing changes etc, dont know the latest news.
Things have moved on so much since the TVR glory days though.
When TVR were doing what they did they were pretty much the only ones doing it.
Now consider how competitive the 2 seat sports car segment is, whilst it would be nice to carve a Bristol-esque niche with dramatic lightweight sportscars I firmly believe that Bristol are completely and utterly unique to the point that their business model will never be replicated.
When TVR were doing what they did they were pretty much the only ones doing it.
Now consider how competitive the 2 seat sports car segment is, whilst it would be nice to carve a Bristol-esque niche with dramatic lightweight sportscars I firmly believe that Bristol are completely and utterly unique to the point that their business model will never be replicated.
on another thread MrsS said:
Marcos Engineering Appoints Administrator
Company proceeds to wind down operations
October 9th, 2007 - Kenilworth, UK. Marcos Engineering Limited ( "Marcos, the Company" ) today announced that it has entered Administration with a view to completion of existing work in progress. Marcos' plan of dissolution will see the Company wind up its ongoing business activities, sell its assets and distribute proceeds and beneficial interests to shareholders and creditors as soon as practicable.
In reaching this decision the Company considered a number of factors including the Company's current and future strategic and market opportunities and business prospects, limits on new capital from outside sources, increasing cost of ongoing capital and prevailing economic conditions.
Marcos was founded in 1959 and went into receivership in 2000. The Company was restarted in 2002, conducting business as an independent supplier of a new high performance family of hand built lightweight sports cars that provide a uniquely exhilarating driving experience. Despite mounting competition from companies with substantially greater financial, technical, distribution and marketing resources Marcos continued to develop its sports cars that received international acclaim.
As the cost of capital continued to climb and the potential for profit faded, the Company's Board and management took steps to minimize product and operational costs while they investigated various strategic opportunities and engaged in discussions regarding lower cost distribution, alternate manufacturing and external capital transactions with potential business partners. After reviewing Marcos's business prospects and potential opportunities, the Company came to the conclusion that Administration of the Company would have the highest probability of returning the greatest value to its shareholders and creditors.
"Regrettably, despite the extraordinary efforts of our employees, suppliers and dealers, we simply could not attain a profit point, reduce our cost base or raise the necessary capital to sustain the business", said Tony Stelliga, Managing Director. "My sincerest gratitude goes out to everyone that worked relentlessly to revive the Great British Sports Car Company one final time".
Company proceeds to wind down operations
October 9th, 2007 - Kenilworth, UK. Marcos Engineering Limited ( "Marcos, the Company" ) today announced that it has entered Administration with a view to completion of existing work in progress. Marcos' plan of dissolution will see the Company wind up its ongoing business activities, sell its assets and distribute proceeds and beneficial interests to shareholders and creditors as soon as practicable.
In reaching this decision the Company considered a number of factors including the Company's current and future strategic and market opportunities and business prospects, limits on new capital from outside sources, increasing cost of ongoing capital and prevailing economic conditions.
Marcos was founded in 1959 and went into receivership in 2000. The Company was restarted in 2002, conducting business as an independent supplier of a new high performance family of hand built lightweight sports cars that provide a uniquely exhilarating driving experience. Despite mounting competition from companies with substantially greater financial, technical, distribution and marketing resources Marcos continued to develop its sports cars that received international acclaim.
As the cost of capital continued to climb and the potential for profit faded, the Company's Board and management took steps to minimize product and operational costs while they investigated various strategic opportunities and engaged in discussions regarding lower cost distribution, alternate manufacturing and external capital transactions with potential business partners. After reviewing Marcos's business prospects and potential opportunities, the Company came to the conclusion that Administration of the Company would have the highest probability of returning the greatest value to its shareholders and creditors.
"Regrettably, despite the extraordinary efforts of our employees, suppliers and dealers, we simply could not attain a profit point, reduce our cost base or raise the necessary capital to sustain the business", said Tony Stelliga, Managing Director. "My sincerest gratitude goes out to everyone that worked relentlessly to revive the Great British Sports Car Company one final time".
Plotloss said:
Things have moved on so much since the TVR glory days though.
When TVR were doing what they did they were pretty much the only ones doing it.
Now consider how competitive the 2 seat sports car segment is, whilst it would be nice to carve a Bristol-esque niche with dramatic lightweight sportscars I firmly believe that Bristol are completely and utterly unique to the point that their business model will never be replicated.
With the state of the dollar you should be able to pickup V8 engines that are powerful yet meet emission requirements cheap. Stick that in a lightweight fiber glass (no exotic carbon fibre) body (something like a Tuscan) charge 50K for something that should outperform a Cayman, Z4C in a straight line and you could have a winner.When TVR were doing what they did they were pretty much the only ones doing it.
Now consider how competitive the 2 seat sports car segment is, whilst it would be nice to carve a Bristol-esque niche with dramatic lightweight sportscars I firmly believe that Bristol are completely and utterly unique to the point that their business model will never be replicated.
It's worked before and I don't see why it wouldn't work again.
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