New TVR still under wraps! (Vol. 2)
Discussion
LucyP said:
Are you serious? Automotive and Manufacturing have warnings from the auditors in their accounts, and Finance is dormant! How is a debt from another linked company called" Manufacturing" that it has no prospect of paying because it doesn't manufacture anything, turnover?
Fiduciam's security looks pretty thin to me if TVR go down. Charges over leasehold property. Unless they are 99, or 999 years leases, they will be disclaimed by the liquidator, if they are just the normal 3 year lease over the offices, because they will be a liability. They also have charges over the IP including the trademarks. That will basically be worthless too.
You have completely ignored the - "not be classed as a business or undertaking in difficulty". How can they comply with that, with the warnings in both of the active companies' accounts?
Undertaking in difficulty test was scrapped last year for businesses having less than £9m turnover. So no problem there.Fiduciam's security looks pretty thin to me if TVR go down. Charges over leasehold property. Unless they are 99, or 999 years leases, they will be disclaimed by the liquidator, if they are just the normal 3 year lease over the offices, because they will be a liability. They also have charges over the IP including the trademarks. That will basically be worthless too.
You have completely ignored the - "not be classed as a business or undertaking in difficulty". How can they comply with that, with the warnings in both of the active companies' accounts?
As also mentioned, loan is backed by a charge over property outside the group.
I’m not saying I think this a what the scheme was designed for; I’m saying I can’t see a reason why (providing there’s a lender prepared to lend, as there is here) this is outwith of the CBILS criteria.
Its quite extraordinary that after 6 years the management are still refusing to give any updates. The only information as to progress and (the lack of) finance of the venture is gleaned from the British Business Bank's website. Apparently TVR are back on track and into the final straight to commence manufacturing. Recent statements claimed July would be the handover of the factory and the first cars would appear in 2022.
Assuming they have found some money and reached an agreement with the Welsh Govt., then it is just 3 months away. Why are they still saying nothing? Surely they must be recruiting a workforce by now?
If everything was going to plan TVR would be shouting out,
"We are offering a new and exciting career in the automotive trade to local people. We are actively recruiting for skilled, semi-skilled and unskilled workers for the new factory. The factory will be fitted out ready for production of our full order book of 450 cars. We are starting production from July with first deliveries to customers in early 2022. If you have the dedication and drive to succeed in a fast moving environment we want to hear from you."
Silence.
Assuming they have found some money and reached an agreement with the Welsh Govt., then it is just 3 months away. Why are they still saying nothing? Surely they must be recruiting a workforce by now?
If everything was going to plan TVR would be shouting out,
"We are offering a new and exciting career in the automotive trade to local people. We are actively recruiting for skilled, semi-skilled and unskilled workers for the new factory. The factory will be fitted out ready for production of our full order book of 450 cars. We are starting production from July with first deliveries to customers in early 2022. If you have the dedication and drive to succeed in a fast moving environment we want to hear from you."
Silence.
The issues are these:
1. The factory will not be ready and fitted out by July. Look at the pictures of it on here.
2. Even if it is, have TVR signed a lease over the unit, or is it being refurbished for someone else?
3. How are they going to pay for the lease and the fit out?
4. How are they going to pay for hundreds of staff?
5. What are these staff going to do, as there is no car to produce, merely one undeveloped prototype, that is not ready for sale.
1. The factory will not be ready and fitted out by July. Look at the pictures of it on here.
2. Even if it is, have TVR signed a lease over the unit, or is it being refurbished for someone else?
3. How are they going to pay for the lease and the fit out?
4. How are they going to pay for hundreds of staff?
5. What are these staff going to do, as there is no car to produce, merely one undeveloped prototype, that is not ready for sale.
LucyP said:
The issues are these:
1. The factory will not be ready and fitted out by July. Look at the pictures of it on here.
2. Even if it is, have TVR signed a lease over the unit, or is it being refurbished for someone else?
3. How are they going to pay for the lease and the fit out?
4. How are they going to pay for hundreds of staff?
5. What are these staff going to do, as there is no car to produce, merely one undeveloped prototype, that is not ready for sale.
It’s a bit of a horlicks really.1. The factory will not be ready and fitted out by July. Look at the pictures of it on here.
2. Even if it is, have TVR signed a lease over the unit, or is it being refurbished for someone else?
3. How are they going to pay for the lease and the fit out?
4. How are they going to pay for hundreds of staff?
5. What are these staff going to do, as there is no car to produce, merely one undeveloped prototype, that is not ready for sale.
saaby93 said:
N7GTX said:
"We are offering a new and exciting career in the automotive trade to local people. We are actively recruiting for skilled, semi-skilled and unskilled workers.
And the issue is?Or am I due a parrot?
Edited by Monkeylegend on Wednesday 21st April 11:06
Gazzab said:
Meanwhile UK69 TVR is still SORN.
Very wise.
That should save a few hundred Pounds, which will help pay for the 13 crash test cars, before type approval can be obtained.
Also need a few Pounds for (usually at least) 30 development prototype cars.
Have they ever been serious, about being a modern day motor vehicle manufacturer?
Monkeylegend said:
saaby93 said:
N7GTX said:
"We are offering a new and exciting career in the automotive trade to local people. We are actively recruiting for skilled, semi-skilled and unskilled workers.
And the issue is?Or am I due a parrot?
Edited by Monkeylegend on Wednesday 21st April 11:06
(much as I like S&G I prefer this version. Hope it doesn't frighten you. https://www.youtube.com/watch?v=u9Dg-g7t2l4
) N7GTX said:
Monkeylegend said:
saaby93 said:
N7GTX said:
"We are offering a new and exciting career in the automotive trade to local people. We are actively recruiting for skilled, semi-skilled and unskilled workers.
And the issue is?Or am I due a parrot?
Edited by Monkeylegend on Wednesday 21st April 11:06
(much as I like S&G I prefer this version. Hope it doesn't frighten you. https://www.youtube.com/watch?v=u9Dg-g7t2l4
) 
It is good
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