New TVR still under wraps! (Vol. 3)
Discussion
Dudley99 said:
No one is going to buy TVR as a going concern. Have you seen the size of the debts? The Chinese might buy the name from a future liquidator, but nothing else.
No one is going to produce the Griffith. The protoype is far too old now to do anything with.
I don't think the Cyberster is a good example. How many have you seen on the road? They start at £55K, yet there are a selection of cars that are hardly a year old, with under 1k on the clock for under £45K.
I've seen a few, not really been looking though. The statement made was there aren't any performance EVs sports cars. Quoted figures are between 300 & 540 horse power, between 3 & 5 secs to 60 - that's comparable to quite a few ICE performance cars.No one is going to produce the Griffith. The protoype is far too old now to do anything with.
I don't think the Cyberster is a good example. How many have you seen on the road? They start at £55K, yet there are a selection of cars that are hardly a year old, with under 1k on the clock for under £45K.
Viper201 said:
There are still some TVR company names where the accounts are overdue and have not been submitted to Companies House. Admittedly, for the most part they are dormant such as TVR Parts, TVR Finance (no, not a little joke) TVR Racing.
Recently Heritage Farms, Mr Edgar's business, appointed a receiver/manager on the 2nd June 25 but today that has been removed. Worth noting that this business has 4 outstanding loans, one of which is from 2016, one from 2017, one from 2018 and one that is dated the very same day TVR got their Coronavirus Business Interruption Loan (CBILS).
One of the loans was by Coutts & Co in 2017. The receiver/manager was appointed on the 2nd June. The loan was repaid in full on the 18th June.
With loan repayments now going back 9 years, the return of the deposits may be a little late..........
Weren’t the deposits going into escrow accounts?Recently Heritage Farms, Mr Edgar's business, appointed a receiver/manager on the 2nd June 25 but today that has been removed. Worth noting that this business has 4 outstanding loans, one of which is from 2016, one from 2017, one from 2018 and one that is dated the very same day TVR got their Coronavirus Business Interruption Loan (CBILS).
One of the loans was by Coutts & Co in 2017. The receiver/manager was appointed on the 2nd June. The loan was repaid in full on the 18th June.
With loan repayments now going back 9 years, the return of the deposits may be a little late..........
bad company said:
Viper201 said:
There are still some TVR company names where the accounts are overdue and have not been submitted to Companies House. Admittedly, for the most part they are dormant such as TVR Parts, TVR Finance (no, not a little joke) TVR Racing.
Recently Heritage Farms, Mr Edgar's business, appointed a receiver/manager on the 2nd June 25 but today that has been removed. Worth noting that this business has 4 outstanding loans, one of which is from 2016, one from 2017, one from 2018 and one that is dated the very same day TVR got their Coronavirus Business Interruption Loan (CBILS).
One of the loans was by Coutts & Co in 2017. The receiver/manager was appointed on the 2nd June. The loan was repaid in full on the 18th June.
With loan repayments now going back 9 years, the return of the deposits may be a little late..........
Weren t the deposits going into escrow accounts?Recently Heritage Farms, Mr Edgar's business, appointed a receiver/manager on the 2nd June 25 but today that has been removed. Worth noting that this business has 4 outstanding loans, one of which is from 2016, one from 2017, one from 2018 and one that is dated the very same day TVR got their Coronavirus Business Interruption Loan (CBILS).
One of the loans was by Coutts & Co in 2017. The receiver/manager was appointed on the 2nd June. The loan was repaid in full on the 18th June.
With loan repayments now going back 9 years, the return of the deposits may be a little late..........
They could try the new registered offices in Worthing. Rent for the unit is £47,000 p.a and rates of £15,104. It is still showing as available:
https://www.owenisherwood.com/property/e2-yeoman-g...
TA14 said:
What's in the coffin? The TVR company?
Well there comes a point where thoughts roll around in your head and you might conclude: No further prototypes built or tested (OK, one concept demonstrator, possibly one mule)
No obvious support from the original design and build team
No updates to the original design, 8 years having passed since first being shown
No real sign of sufficient financial resources for vehicle compliance and manufacturing
No sign of sub-suppliers or supply chain management
No sign of a third party builder or sub-contractor
No vehicle manufacturing premises secured
No vehicle manufacturing experts on the team
No sales and marketing office
No sales and marketing experts on the team
No continuity spares available from the main company for legacy vehicles
No (or little) recent engagement with owners of legacy vehicles – i.e. potential new customers
No (or little) recent media releases, updates or teasers
All that and in a world since the ‘return’ was first announced, with ever changing legislation, finances, customer expectations, market expectations, environmental expectations and with competitors having new vehicle releases and continuous improvements in that time.
cookie1600 said:
TA14 said:
What's in the coffin? The TVR company?
Well there comes a point where thoughts roll around in your head and you might conclude: No further prototypes built or tested (OK, one concept demonstrator, possibly one mule)
No obvious support from the original design and build team
No updates to the original design, 8 years having passed since first being shown
No real sign of
No sign of sub-suppliers or supply chain management
No sign of a third party builder or sub-contractor
No vehicle manufacturing premises secured
No vehicle manufacturing experts on the team
No sales and marketing office
No sales and marketing experts on the team
No continuity spares available from the main company for legacy vehicles
No (or little) recent engagement with owners of legacy vehicles i.e. potential new customers
No (or little) recent media releases, updates or teasers
All that and in a world since the return was first announced, with ever changing legislation, finances, customer expectations, market expectations, environmental expectations and with competitors having new vehicle releases and continuous improvements in that time.
P.S. love the hearse but why is there no medallion hanging from the mirrror?
Edited by Viper201 on Friday 17th October 16:04
TVR Finance has failed to submit its accounts, now 2 months overdue, so its a First Gazette notice for compulsory strike off.
Looking back at the previous year's accounts, the auditors said this:
"The principal asset of the company is a £1,266,707 loan with TVR Automotive Limited. Without ongoing support, and
repayment of the loan, TVR Finance Limited would not be a going concern.
At 30 June 2023, the auditors of TVR Automotive Limited were unable to obtain adequate comfort that the main asset of
TVR Automotive Limited (£9.6m of non-current intangible assets) was recoverable, as this is dependent on the suceess of
that group's business plan which depends on the successful raising of additional equity and debt funding.
Due to the qualified opinion audit report on TVR Automotive Limited, we are unable to obtain adequate comfort that TVR
Finance Limited will be able to settle financial obligations as they fall due. As such, our audit report is qualified in relation to
going concern."
Looking back at the previous year's accounts, the auditors said this:
"The principal asset of the company is a £1,266,707 loan with TVR Automotive Limited. Without ongoing support, and
repayment of the loan, TVR Finance Limited would not be a going concern.
At 30 June 2023, the auditors of TVR Automotive Limited were unable to obtain adequate comfort that the main asset of
TVR Automotive Limited (£9.6m of non-current intangible assets) was recoverable, as this is dependent on the suceess of
that group's business plan which depends on the successful raising of additional equity and debt funding.
Due to the qualified opinion audit report on TVR Automotive Limited, we are unable to obtain adequate comfort that TVR
Finance Limited will be able to settle financial obligations as they fall due. As such, our audit report is qualified in relation to
going concern."
The Three D Mucketeer said:
GTRene said:
markiii said:
Did they actually build anything?
a story, false hope and one car for themselves. Drawing it out for so long on false press releases whilst taking salaries and public money feels pretty fraudulent.
They've degraded the brand from what was a pretty low point originally and actively damaged the tvr world.
Im angry. The naive russian had nothing on these grifters.
Gordon Murray still has his deposit.
If he had encountered insincere people during the design and construction of the prototype, would it have beem so?
I'm also sad for this, I put down a deposit and a few years after, despite the fact that I was in position of buying the car, I sold the slot to someone else.
Were they lacking knowledge? Finance? Luck? Probably a bit of all 3.
I don't have the feeling that they were trying to fool people, they probably didn't understand all the implications.
If he had encountered insincere people during the design and construction of the prototype, would it have beem so?
I'm also sad for this, I put down a deposit and a few years after, despite the fact that I was in position of buying the car, I sold the slot to someone else.
Were they lacking knowledge? Finance? Luck? Probably a bit of all 3.
I don't have the feeling that they were trying to fool people, they probably didn't understand all the implications.
I wonder if the brand will ever become resurrectable? A low volume, simple sports car manufacturer akin to Morgan, Caterham or Ariel.
Will it ever be possible to buy the name for a reasonable sum?
Would anyone ever buy a new TVR in the future given this fiasco or have the current owners completely f
ked all goodwill the name once had?
It’s all so sad to see a marque fail like this.
Will it ever be possible to buy the name for a reasonable sum?
Would anyone ever buy a new TVR in the future given this fiasco or have the current owners completely f
ked all goodwill the name once had? It’s all so sad to see a marque fail like this.
crosseyedlion said:
They bought a 1 off car from a guy and took 100s of deposits, Millions in loans and investment on promise to make more. Despite having no facility or expertise to do so at any point.
Drawing it out for so long on false press releases whilst taking salaries and public money feels pretty fraudulent.
They've degraded the brand from what was a pretty low point originally and actively damaged the tvr world.
Im angry. The naive russian had nothing on these grifters.
Worst still the website is still there and available to take more deposits.Drawing it out for so long on false press releases whilst taking salaries and public money feels pretty fraudulent.
They've degraded the brand from what was a pretty low point originally and actively damaged the tvr world.
Im angry. The naive russian had nothing on these grifters.
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