TVR Update
Latest news from Blackpool
TVR have just released the following info:
Peter Wheeler today sold 100% of the shares of UK car maker TVR to Nikolai Smolenski. Based in the north west of England, TVR is the leading British sportscar manufacturer and is unique among companies of its size in that it designs and manufactures in house its own range of engines to power its spectacularly designed range of sportscars.
The company employs 400 people in Blackpool and new investment in the factory and the technology therein will bring great benefits to both the cars and the workforce.
“I am very enthusiastic about the potential of TVR and am grateful for the opportunity to become a car manufacturer,” explains Nikolai Smolenski. “I have always been a fan of British car manufacturing and believe that the best automotive designers and engineers are in this country.”
Founded in 1947 and built up over the last 23 years by Peter Wheeler, TVR’s profile has grown dramatically over the last ten years. “It’s been a fascinating time and I shall be very sad when I eventually leave,” said Wheeler earlier today. “However, it’s time to hand the reins over to a younger man and I look forward to helping him with his exciting plans.”
Peter Wheeler remains on board as a senior consultant overseeing styling and engineering.
Plans to bring the new Sagaris and Tuscan 2 models into production continue unchanged and the first demonstrators of both cars will be arriving in dealerships in the UK, Japan, mainland Europe and South Africa over the next couple of months.
TVR, the British maker of wildly styled and fiendishly fast cars, has been sold to Nikolai Smolensky, 23, one of Russia's youngest millionaires and the son of a controversial tycoon whose banking empire collapsed during the 1998 financial crisis.
Mr Smolensky's father, Alexander, was one of the oligarchs who bankrolled the re-election campaign of former president Boris Yeltsin in 1996.
He was accused of shifting assets into other companies while leaving depositors in his SBS Agro bank with nothing after its bankruptcy. But he was never found guilty, denies any wrongdoing and later launched another bank, OVK.
TVR's 400-strong workforce were told on Tuesday that Nikolai Smolensky planned a substantial investment to take the Blackpool company into North America and other global markets.
Neither side would say how much Mr Smolensky has paid for a company whose giant-killing reputation exceeds its output of about 1,000 cars a year. Its last published accounts show a profit of about £400,000 in 2002.
TVR's employees had known that Peter Wheeler, a former North Sea oil engineer who bought the company 23 years ago, had been considering selling and had hoped it would go to an enthusiast. The new owner appears to fit the bill. Marketing director Ben Samuelson said: "He's a mad keen motor racing enthusiast who's driven loads of TVRs."
TVR fans will be relieved that Mr Wheeler will be staying on to oversee styling and engineering. He and his deceased spaniel, Ned, have become industry legends: Mr Wheeler for styling the best-selling TVR Tuscan on the back of a Marlboro cigarette pack; Ned for biting a chunk out of a foam model prototype, creating what became the front light apertures of the TVR Chimaera.
swilly said:
..."He's a mad keen motor racing enthusiast who's driven loads of TVRs."
Ok the uncertainties are looking like less a problem.
Just because he's mad keen doesn't mean he can run a company - especially at the age of 24. A lot of companies have been run into the ground by enthusiasts.
PetrolTed said:
I guess we'll have to wait for the accounts to be published in a year or so. Private sale so I guess there's no need to declare it.
The statutory accounts of any company will not tell this type of information. Unless Peter or Mr Smolensky choose to disclose it, we'll never know.
I foresee lots of good stuff from them now and wish them all the best of Brit... er Russ.. well, y'know...
Dom
Lotus owner
homer said:Company is worth what someone is prepared to pay for it. I think that the £15m is a little out of date, and possibly not arrived at through any sort of logical process.
BBC N.West said that company was worth £15M
We will possibly never know the value - lets just hope that there is a substantial amount left in the pot for development.
daydreamer said:
BBC N.West said that company was worth £15M
Company is worth what someone is prepared to pay for it. I think that the £15m is a little out of date, and possibly not arrived at through any sort of logical process.
We will possibly never know the value - lets just hope that there is a substantial amount left in the pot for development.
And enough for PW to have a good retirement !
2) Since it's only 24 hours since Mr Smolenski bought the company, why not give him a chance before slagging him off? PW and the employeees are still there, and who knows, perhaps he WILL use V8s again and perhaps he WILL kick the dealer network up the ass.
I SEEM TO REMEMBER PW 'NOT WANTING SOME GERMAN ENGINE IN MY CARS'WHEN BMW TOOK OVER ROVERBy reading this will i be correct in saying that If i was to buy a Tuscan over here and exported it to South Africa when i move there. I will be able to get it serviced?
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