Spyker Supercars To Be Built At Browns Lane?
Well, if CPP can get the 'paperwork' sorted...
CPP deal held up by Saab's tribulations
In spite of our story back in Feb, when CPP announced its plan to acquire the supercar business from Spyker Cars NV, it's all gone a bit quiet since. A news release out today from CPP explains why:
"CPP Global Holdings, the British specialist automotive group, remains committed to finalising the acquisition of Spyker Cars, the Dutch luxury supercar brand, despite delays to the process. Four months after the Memorandum of Understanding was signed with Spyker's owner, now called Swedish Automobile N.V., CPP suspended negotiations in June 2011 until Swedish Automobile's refinancing plans had been implemented. However, CPP remains optimistic that a suitable asset deal can be concluded for both parties and remains committed to the Spyker brand."
Brendan O'Toole 'remains optimistic'
"At present, Spyker remains part of Swedish Automobile N.V., meaning that Spyker is therefore CPP's contract manufacturing customer, under an agreement that was signed in November 2010," O'Toole continues. "Since then, we have invested significant sums in the facilities, tooling and skilled craftsmen to build Spyker's flagship C8 Aileron supercar in Coventry and the entire production operation could be switched on within days of an agreement. I sincerely hope that the acquisition can be finalised soon and that we can begin delivering cars to customers."
So we're just waiting for Swedish Automobile to sort Saab out, then...
Meanwhile, CPP is also engaged in a plan to consolidate all its activities in a new facility on part of Jaguar's old Browns Lane site in Coventry - closed in 2005, when it was sold to property developers.
"This is a decisive moment in CPP's strategy to cement Coventry's reputation as a world-class centre of automotive excellence. Bringing together the group's various businesses and facilities within a single, purpose-built location is possibly the most exciting part of the entire plan," says O'Toole.
We agree, especially as CPP's recent acquisition strategy has included the take-over of Bowler Off Road Limited, and there's a deal in the works with Zagato.
Me thinks that the investors in swedish auto have mandated that if they invest in the company then spyker stays part of the family.... thus if and when swedish auto goes tits up, the investors get the chance to keep spyker under a prepack?
1-Spyker, as I recall, never made a penny profit making/selling their cars before.
2-No-one seems that interested in the Aileron model mentioned.
3-Saab will surely suck the life (and money) out of anyone associated with them.
4-CPP have invested in plant BEFORE doing the deal, seems risky.
I wish them every success though, good luck lads...
Let's hope things turn out for the good!
Muller used to own Spyker. In fact the holding company of Saab used to be called Spyker NV. Muller sold Spyker off at the begining of this year to a UK based company called CCP Global Holdings Ltd earlier this year and changed the name of the holding company to SWAN (Saab Automobiles.)
Or did he?
The deal was 17 million euros straight away, followed by another 17 million over 10 years. According to the accounts, no money has yet been paid.
1-Spyker, as I recall, never made a penny profit making/selling their cars before.
2-No-one seems that interested in the Aileron model mentioned.
3-Saab will surely suck the life (and money) out of anyone associated with them.
4-CPP have invested in plant BEFORE doing the deal, seems risky.
I wish them every success though, good luck lads...
Horrible. and only available as an automatic (with torque converter) was told.
Definatley a case of must try harder.
So what are the tax benefits of building here?
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