New TVR still under wraps! (Vol. 2)
Discussion
ant550lag said:
silentbrown said:
Well, they're not going to lease it to anyone unless they do. What would you do as a landlord, leave it to rot further?
Sure, they have a prospective tenant in TVR, but that's pretty much it.
They have left it to rot for the last 5 years since it was first announced that TVR would be based there. Why suddenly spring into action now?Sure, they have a prospective tenant in TVR, but that's pretty much it.
In January TVR paid off a 5 year loan that had expired using the UK government's CBILS scheme borrowing £2m. TVR stated that a new test facility would also be built beside the factory to produce pre-production cars. The last update said they will take over the factory in the third quarter this year and produce the first customer cars in early 2022.
Until TVR can prove they have the necessary funding they will not occupy the factory. The spokesman said the building is an important one in the area and would be ideal for business - he specifically did not say TVR. The loan of £2m in 2016 by the Welsh Govt is a 5 year one so due to be repaid this year although TVR have said it has some flexibility especially as they also invested £500,000 in TVR.
We do not know if they have raised sufficient capital so we will have to wait and see. However, TVR has always been quick to make positive announcements; tender process, planning consent, CBILS but they did not announce the CBILS £2m was simply used to pay off another debt as that would not look good to potential investors.
N7GTX said:
ant550lag said:
silentbrown said:
Well, they're not going to lease it to anyone unless they do. What would you do as a landlord, leave it to rot further?
Sure, they have a prospective tenant in TVR, but that's pretty much it.
They have left it to rot for the last 5 years since it was first announced that TVR would be based there. Why suddenly spring into action now?Sure, they have a prospective tenant in TVR, but that's pretty much it.
In January TVR paid off a 5 year loan that had expired using the UK government's CBILS scheme borrowing £2m. TVR stated that a new test facility would also be built beside the factory to produce pre-production cars. The last update said they will take over the factory in the third quarter this year and produce the first customer cars in early 2022.
Until TVR can prove they have the necessary funding they will not occupy the factory. The spokesman said the building is an important one in the area and would be ideal for business - he specifically did not say TVR. The loan of £2m in 2016 by the Welsh Govt is a 5 year one so due to be repaid this year although TVR have said it has some flexibility especially as they also invested £500,000 in TVR.
We do not know if they have raised sufficient capital so we will have to wait and see. However, TVR has always been quick to make positive announcements; tender process, planning consent, CBILS but they did not announce the CBILS £2m was simply used to pay off another debt as that would not look good to potential investors.
V6 Pushfit said:
Does anyone know wether if TVR got any investment via the bond thing they have to repay it if they don’t get the full amount, or can they sit on it/use it and if they do go tits up they say to the investors ops sorry it didn’t work out and it’s all gone ?
The company accounts are due to be published on the 30th June. No idea if that will tell us anything new. If we really are into the 'final straight' I'd have hoped TVR would start announcing stuff by now. 6 months on and still no official TVR parts set up yet. At least they are consistent. ant550lag said:
silentbrown said:
Well, they're not going to lease it to anyone unless they do. What would you do as a landlord, leave it to rot further?
Sure, they have a prospective tenant in TVR, but that's pretty much it.
They have left it to rot for the last 5 years since it was first announced that TVR would be based there. Why suddenly spring into action now?Sure, they have a prospective tenant in TVR, but that's pretty much it.
An old, unused industrial unit with a slightly leaky roof is one thing, and old UNSAFE industrial unit quite another. Once any significant amount of water gets into the steel frame and the services (electrics/heating etc) then your industrial unit is effectively scrap, you knock it down and start again because it's cheaper to do that than try and fix all the damage.
Chances are, they did a survey of the site and the owner got that survey which probably said "if you fix it now it'll cost you X but if you don't it'll cost you ten times X"......
Just in case anyone here cares about updates:
"In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
"In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
N7GTX said:
The new car appeared in 2017, the same year the building was acquired by the government. TVR said this would be their new home but the Welsh Government spokesman, Ken Skates, always said it was conditional on TVR proving they had the necessary funds to start production. So TVR tried to raise the money using a UK based company but that came to nothing and so another year went by. Then they went to Dublin and in TVR's own words, the money raising was described as 'hasn't reached our aspirations' so we don't know how much they did or did not raise. While this is happening the Welsh Govt was obliged to put out to EU tender for repair works which took almost 18 months. Then they had to apply for planning permission during Covid and that took almost a year. They announced the builder would be Jones Bros who started work in February with an expected completion of approximately 6 months (this does seem over-optimistic given they have the whole roof to replace and the sides). TVR also announced that Jones Bros would fit out the factory so keeping everything with the same builder.
In January TVR paid off a 5 year loan that had expired using the UK government's CBILS scheme borrowing £2m. TVR stated that a new test facility would also be built beside the factory to produce pre-production cars. The last update said they will take over the factory in the third quarter this year and produce the first customer cars in early 2022.
Until TVR can prove they have the necessary funding they will not occupy the factory. The spokesman said the building is an important one in the area and would be ideal for business - he specifically did not say TVR. The loan of £2m in 2016 by the Welsh Govt is a 5 year one so due to be repaid this year although TVR have said it has some flexibility especially as they also invested £500,000 in TVR.
We do not know if they have raised sufficient capital so we will have to wait and see. However, TVR has always been quick to make positive announcements; tender process, planning consent, CBILS but they did not announce the CBILS £2m was simply used to pay off another debt as that would not look good to potential investors.
Why Jones Bros? - is there anyone in Welsh government or related with the surname Jones?In January TVR paid off a 5 year loan that had expired using the UK government's CBILS scheme borrowing £2m. TVR stated that a new test facility would also be built beside the factory to produce pre-production cars. The last update said they will take over the factory in the third quarter this year and produce the first customer cars in early 2022.
Until TVR can prove they have the necessary funding they will not occupy the factory. The spokesman said the building is an important one in the area and would be ideal for business - he specifically did not say TVR. The loan of £2m in 2016 by the Welsh Govt is a 5 year one so due to be repaid this year although TVR have said it has some flexibility especially as they also invested £500,000 in TVR.
We do not know if they have raised sufficient capital so we will have to wait and see. However, TVR has always been quick to make positive announcements; tender process, planning consent, CBILS but they did not announce the CBILS £2m was simply used to pay off another debt as that would not look good to potential investors.
cirks said:
Just in case anyone here cares about updates:
"In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
Classic saying lots without saying anything."In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
"A prototype build area" or by another name, an empty workshop.
Which you could have had at any point over the last 5 years in any number of basic industrial units. A few shelves, a grumpy workshop manager to complain that "nobody ever tidies up around here" and to drive a knackered old forklift into stationary and very obvious bright painted objects and you're go to go.......
saaby93 said:
Someone else is looking for a car factory
https://www.bbc.co.uk/news/technology-57185806
Well he needs to get rid of those BITCOINS somewhere https://www.bbc.co.uk/news/technology-57185806
Max_Torque said:
cirks said:
Just in case anyone here cares about updates:
"In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
Classic saying lots without saying anything."In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
"A prototype build area" or by another name, an empty workshop.
Which you could have had at any point over the last 5 years in any number of basic industrial units. A few shelves, a grumpy workshop manager to complain that "nobody ever tidies up around here" and to drive a knackered old forklift into stationary and very obvious bright painted objects and you're go to go.......
cirks said:
Just in case anyone here cares about updates:
"In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
... meaning that none of this work is directly TVR related, its all Govt investment in their building.... "In parallel, the cladding and roof of the intended prototype build area, which will be the first area we take possession of, were stripped and the structure prepared to take the new exteriors:
.....
And finally, here are the new roof panels being prepared and lifted up onto the prototype build area earlier this week:
....
We’re busy working on finalising the internal layouts for the production areas and the designs for the new offices at the front, and are looking forward to getting on site once we have clean, dry and weather proof areas to work in!
...."
Of course, none of that means things will definitely go ahead unless funding is in place but things are moving......
Meaning that the building has been sold, and the new owner is not going to sit on a wreck waiting to see if TVR ever sign a lease on it. The new owner is renovating it, and when it is ready it will either be sold on, or available for rent, and if it is the latter, and TVR are not in a position to sign, then they might lose it.
https://www.wales247.co.uk/108703-2
https://www.wales247.co.uk/108703-2
LucyP said:
Meaning that the building has been sold, and the new owner is not going to sit on a wreck waiting to see if TVR ever sign a lease on it. The new owner is renovating it, and when it is ready it will either be sold on, or available for rent, and if it is the latter, and TVR are not in a position to sign, then they might lose it.
https://www.wales247.co.uk/108703-2
Well sleuthed. I wonder how that works with the money Wales had tied up in it with the TVR deal. https://www.wales247.co.uk/108703-2
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