New TVR still under wraps! (Vol. 3)
Discussion
QBee said:
I think that what Ginetta has done over recent years in motorsport is fantastic, giving legs up to so many young drivers.
But financially it makes sorry reading - accumulated losses as at the 2022 accounts are £38 million.
For example, it lost about £4.8 million on £9.2 million turnover in the year to March 2022.
The whole Ginetta exercise is financed by Lawrence Tomlinson's Care Home business, I believe.
He is a canny businessman. Bumped into him in a local pub when he was running the G50EV... nice guy to chat with.But financially it makes sorry reading - accumulated losses as at the 2022 accounts are £38 million.
For example, it lost about £4.8 million on £9.2 million turnover in the year to March 2022.
The whole Ginetta exercise is financed by Lawrence Tomlinson's Care Home business, I believe.
New TVR was incorporated in April 2013, just over 10 years ago now and nothing to show for it. The 'new' Griff design is 7 years old.
Between then and Oct 2019 they raised capital following allotments of shares.
A very quick calculation of all the share issues comes to approximately £25 million. The newly designed Griff car couldn't possibly cost anywhere near that, surely? Edgar did say that ABS/Airbags was very expensive at around £1m but even so......
On top of this they have had a lot of borrowing so even the recently raised bonds of £8m are wiped out by the need to repay £9m debt inside 12 months.
Then there was the 'multi million' investment by Ensorcia yet the factory remains un-leased almost a year on. Why? Where has all the money gone?
Between then and Oct 2019 they raised capital following allotments of shares.
A very quick calculation of all the share issues comes to approximately £25 million. The newly designed Griff car couldn't possibly cost anywhere near that, surely? Edgar did say that ABS/Airbags was very expensive at around £1m but even so......
On top of this they have had a lot of borrowing so even the recently raised bonds of £8m are wiped out by the need to repay £9m debt inside 12 months.
Then there was the 'multi million' investment by Ensorcia yet the factory remains un-leased almost a year on. Why? Where has all the money gone?
Viper201 said:
A very quick calculation of all the share issues comes to approximately £25 million. The newly designed Griff car couldn't possibly cost anywhere near that, surely?
Watch the Harry's Garage video with Gordon Murray about the T.33 Spider. At about 22:45 he says that the car is fully homologated for the USA, and doing that added £28 million to the bill.Just before that, he says that for low volume cars in the UK, you have to have ABS, traction control and ESP.
I have ESP, discovered when I was three… or maybe four… I can also move things using my mind only.. you might think that’s all amazing but it’s a lonely life being different… My mother told me my father was from another verse… who knows…. I don’t care, I’ve got a TVR and an Aston Martin. These are the things that matter. Off to the 24 hour in frogland in three weeks…this is the way….
Edited by baconsarney on Tuesday 16th May 18:24
baconsarney said:
I have ESP, discovered when I was three… or maybe four… I can also move things using my mind only.. you might think that’s all amazing but it’s a lonely life being different… My mother told me my father was from another verse… who knows…. I don’t care, I’ve got a TVR and an Aston Martin. These are the things that matter. Off to the 24 hour in frogland in three weeks…this is the way….
Shame about the frogs being there Edited by baconsarney on Tuesday 16th May 18:24
baconsarney said:
I have ESP, discovered when I was three… or maybe four… I can also move things using my mind only.. you might think that’s all amazing but it’s a lonely life being different… My mother told me my father was from another verse… who knows…. I don’t care, I’ve got a TVR and an Aston Martin. These are the things that matter. Off to the 24 hour in frogland in three weeks…this is the way….
Must have saved a fortune in AA membership BS. Zeb74 said:
You cannot throw all frogs in the same bucket, some of us also have issues and like English cars (beside my Chimaera and my Scimitar I just changed my daily, a Peugeot, for a L322...
)phazed said:
I did think of an L322, but went for one of the last P38‘s as a lot of gremlins could come up on the L322 although technically it is a better car. Luckily the P38 hasn’t missed a beat in the last three years and its passion for fuel is commendable!
That's why I took one of the last L322 (2011 - 4.4TDV8), hoping that close to the end some gremlins would have disappeared.
Zeb74 said:
phazed said:
I did think of an L322, but went for one of the last P38‘s as a lot of gremlins could come up on the L322 although technically it is a better car. Luckily the P38 hasn’t missed a beat in the last three years and its passion for fuel is commendable!
That's why I took one of the last L322 (2011 - 4.4TDV8), hoping that close to the end some gremlins would have disappeared.
Back on topic, my wife has planted a few peppers, beans, tomatoes, and probably a few other things in pots on the patio as our garden isn’t very big
baconsarney said:
phazed said:
Back on topic, my wife has planted a few peppers, beans, tomatoes, and probably a few other things in pots on the patio as our garden isn’t very big
Hmm, I have seen your garden Peter.... You lie like a Persian rug.......Our theory is that the more space you have around you, then the more it keeps you separated from stupid and annoying people… a.k.a. the general public at large.
On a car topic, just got the German ready for the TVR car club track day at Cadwell Park tomorrow. That was a positive.
The negative is that I hurt my back somehow while doing all that, FFS!
It will be good to see any of you guys there tomorrow.
On a car topic, just got the German ready for the TVR car club track day at Cadwell Park tomorrow. That was a positive.
The negative is that I hurt my back somehow while doing all that, FFS!
It will be good to see any of you guys there tomorrow.
LucyP said:
Viper201 said:
A very quick calculation of all the share issues comes to approximately £25 million. The newly designed Griff car couldn't possibly cost anywhere near that, surely?
Watch the Harry's Garage video with Gordon Murray about the T.33 Spider. At about 22:45 he says that the car is fully homologated for the USA, and doing that added £28 million to the bill.Just before that, he says that for low volume cars in the UK, you have to have ABS, traction control and ESP.
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