TVR
The sale included the TVR trademarks, certain vehicle stock, work-in-progress, and the manufacturing plant and equipment.
In a statement, joint administrators Philip Long, Kerry Bailey and Matthew Gibson said:
"Having advertised the assets of the company to the open market, we are confident we have achieved the best possible price in the circumstances and we are now looking to return money to the creditors as quickly as possible.
"While we had a significant number of companies expressing an interest, four demonstrated they had the funds required to enter a bidding process. Ultimately, Mr Smolensky's company came in with the highest offer."
It's not been a pretty process so far and fans of the company are likely to take little comfort from this news. TVR although in trouble when sold by former owner Peter Wheeler has struggled from one challenge to another over the last couple of years resulting in its demise before Christmas. Few will have faith in Smolensky's ability to turn it around now and more cynical observers will question why the company has been allowed to go into administration only to be bought by its former owner.