TVR production melts down
Blackpool statement raises more questions
TVR's Bristol Avenue factory
Over the quiet Xmas break, the typically taciturn company from Blackpool issued a statement that confuses as much as it enlightens.
As a private company, TVR doesn't have to reveal much information, but it appears from the statement reproduced below that it's been split into at least three parts. There seems to be a holding company, plus two wholly-owned divisions: TVR, which will presumably act as a sales and marketing operation, and a production division, Blackpool Automotive.
And Blackpool Automotive has been placed into administration, said TVR, prior to its move abroad, which was announced in October, although the parent company remains in operation.
TVR's statement
Following TVR's announcement in October that it was to discontinue in-house production of its cars in favour of outsourcing, the company sold off its manufacturing division, Blackpool Automotive Ltd, which has subsequently been put into administration by its new shareholders.
Although it is unfortunate that Blackpool Automotive has gone into administration, TVR and its parent company remain in operation. Normal business continues for the prestige sports car company and its network of authorised dealers and service centres throughout the UK and abroad. Current warranties and the supply of parts also remain unaffected.
David Oxley, TVR's managing director, said: "It is unfortunate that production could not continue as it had done for so many years, but it is time for TVR to move on and to meet increasing international demands. Our plans include appointing expert partners and outsourcing to more advanced facilities, which will ultimately mean a better product for everyone, both here in the domestic market and internationally."
More from PH
It will be interesting to see how TVR continues business as normal while its production facility is non-existent.
Despite numerous attempts, PistonHeads was unable to reach anyone at TVR -- no-one's answering the phone -- but we'll bring you more information as soon as we can.
That's why TVR was split into a holding company plus a couple of subsidiaries - TVR will claim that the holding company plus one subsidiary is in fantastic shape for the future whereas the other subsidiary has been shafted. Unfortunately, the TVR life blood is in the one that's been shafted......
Julian
Pretty much how I see it as well, done up like a kipper.
That a handy loop hole. I surprised now-one has been shot, knowing what Russian are like for business?
Amy Boylan managed to turn Shelby round when faced with $6million of debt, but she initially reduced their workforce from 52 to 21. She kept production in Vegas and now has 70 folk on the payroll. Similar company, car and price (glass one is $39,000, though ally bodied goes for a lot more. She shows you dont have to outsource when times get tough. Wonder if she would come to Blackpool - its just like Vegas, kinda
Pretty much how I see it as well, done up like a kipper.
Exactly what happened at MGR last year. The parent company became 'Phoenix Venture Holdings' which of course didn't go bust like 'MG Rover Group Ltd' (the manufacturing division) leaving the directors laughing all the way to the bank with the most valuable assets.
From what i can see the directors have the trading name, the administrators have all the staff and debt
Up until fairly recently the trademarks etc. were still in the name of TVR Engineering/BA. Also up until fairly recently the tooling for the models expected to be built abroad were at Bristol Avenue. These are the only assets of note.
From what i can see the directors have the trading name, the administrators have all the staff and debt
Up until fairly recently the trademarks etc. were still in the name of TVR Engineering/BA. Also up until fairly recently the tooling for the models expected to be built abroad were at Bristol Avenue. These are the only assets of note.
But the way they have split the company in 3 means that the debt and staff have been lumped into one pot, the Tooling etc in another and the trading name in another so 3 completely seperate companies, essentially a Phoenix operation ??
From what i can see the directors have the trading name, the administrators have all the staff and debt
Up until fairly recently the trademarks etc. were still in the name of TVR Engineering/BA. Also up until fairly recently the tooling for the models expected to be built abroad were at Bristol Avenue. These are the only assets of note.
If the trademarks are with the administrators then he's fked. They are the company in effect?
I believe there is always going to be demand for these cars from an amazing customer base.
Surely a new buyer could take the assets, move to an industrial unit and get on with it.
Isnt this what Peter Wheeler did years ago! Please correct me and inform!
TVR is potentially in a very good state if the production could be turned around and i feel that SM may be thinking is it really worth pouring money into a dead donkey. He must be pretty knackered after all the commotion and bad feeling now.
A new person would bring fresh blood, a steady hand and the ability for people like me to be able to dream about affording a tuscan etc and then being able to get one after a year of saving etc.
Nothing looks, sounds and feels like a TVR. Lets let it continue
HT
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