TVR's backers have secured a £2m loan from the UK government, with chairman Les Edgar issuing assurances that the first customer deliveries of the Griffith sports car will begin in 2022.
The latest loan was secured by London-based lender Fiduciam Nominees, which has been involved in financing the TVR project from the beginning. The loan comes via the UK government’s Coronavirus Business Interruption Loan scheme.
TVR can complete work on its factory in Ebbw Vale, Wales, and start production to fulfil an order book claimed to be worth £40m - or a full year of production.
However, there has been no mention of whether the recent bonds issue secured the £25 million required to continue pre-production development of the V8-powered Griffith and tool the factory.
In a recent statement seen by Insider Media, TVR chairman Les Edgar said "We appreciate that Fiducium has always been willing to roll up the sleeves to fully understand out business plan. We have endured a further delay because of Covid-19, but we are confident we are now into the final straight to commence manufacturing, with the first cars being delivered in 2022."
Last month, TVR chairman Les Edgar stated that planning permission had been granted for the renovation of the existing factory site, which is owned by the Welsh government and is intended to be leased back to TVR. Work on the site - which requires a new roof structure - is said to have now begun.
Edgar also stated that “extensive testing” on the roads around the firm’s new Surrey HQ and at the Goodwood circuit was completed during the summer and autumn of last year. No details of changes to the car from its existing concept, first unveiled back in 2017, have been given.
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The Welsh Government do not own the building. It is owned by The Dewan Foundation. The Welsh Government are the head leaseholder. Dewan are putting up the £4.5million for the general refurbishment of the building and the site generally. This was agreed as a halo project for the wider revamping of the Rassau estate and was happening regardless of TVR, who will be a sub-tennant.
In respect of the bond, in September TVR Finance (one of a few TVR Companies) listed a registration of charge with Companies House. Audacia Capital will on-lend anyone taking up the bond issue at 8.25% and will have a floating charge over the entire assets and undertakings of TVR. Audacia will provide TVR Finance with loan facilities under a secured deed at 9.2%. TVR Finance will provide Audacia Capital with direct security for the loan facilities. Audacia will have first dibs on everything TVR should the worst happen. If the CBILS loan should be defaulted the directors lose their homes.
Good luck to them. The recipe - Cosworth fettled V8 in a light and strong Gordon Murray chassis - is highly appealing. Maybe time to finesse the design and unveil a soft top too? Surely TVR is about convertibles first and foremost?
Not really. You need to read up on the history of TVR. They have produced a lot of hard tops / coupes, so this new model is just relevant to the maraue as a convertible might be.
I also wish them luck - I have always had a soft spot for TVR, sports cars with bags of character. Not entirely sure a V8 engined car is the way to go in this day and age though......
"marque", not maraue!!! Damn big thumbs!!!!!
Would love to see the rebirth of TVR but I don’t think it ever will, it’s taken too long the world has moved on
The car will be too expensive to compete and with emission regs only going to get more severe
can’t see how it will work, may be limit it to 500 units a year and put it through the IVA test like Caterham