TVR is attempting to raise fresh capital in order to take its reborn Griffith sports car to production, having outlined to investors a plan for adding new derivatives and even future-proofing the model for the electric age.
There have been no public updates from the company since March, when it confirmed that a planning application had been submitted to Blaenau Gwent County Borough Council for refurbishing a factory on an industrial estate in Ebbw Vale, South Wales.
The building is to be turned around by the Welsh government before being leased to TVR. When contacted by Autocar, the council said a decision on planning approval still hasn’t been made.
The Welsh government told BBC News earlier this year that the site would become TVR’s factory only once the company could prove that it had raised the capital needed to start car production.
TVR chairman Les Edgar previously claimed that factory delays were the result of European Union bureaucracy caused by the Welsh government’s involvement.
Company accounts published in March reveal that TVR is owed more than £8.23 million from debtors, has net assets of just over £2.1m and, despite having road-registered one Griffith earlier this year, has no listed employees beyond company directors. TVR must also pay off a £2m loan from the Welsh government and a £3m loan from financial firm Fiduciam Nominees.
Despite TVR’s directors revealing a requirement for additional funding via securitisation bonds and insisting they “have no particular reason to expect that such funding will not be secured”, auditors stated that a “material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern”.
TVR is attempting to raise £25m by issuing bonds on the Dublin stock exchange through Irish firm Audacia Capital, having been unsuccessful with London-based Pello Capital.
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scrap
At this rate, the Griffith
At this rate, the Griffith might need that first facelift before it even goes on sale. I was very impressed by the concept when it was launched, not least because of the Gordon Murray chassis. But the longer this drags on, more early customers will drop out.
Ad99
Still struggling
I would love TVR to be in production and to be a UK manufacturing success but I doubt either of those things will come true. As Scrap says, it is already looking dated. Customers who want a V8 muscle car like this can just go buy a Corvetee right now. If you really want a Bristish Muscle car buy an F Type.
Saucerer
It’s not going to happen
The way this saga is carrying on, it's safe to say the rebirth of TVR and the new Griffiths are dead in the water. Seemingly another ambitious attempt to revive a British marque but seriously underestimating what's involved, including finances.
289
so.....
..... no surprises here!
Lurching from one disaster to another, planning not even in place for the factory and the first deliveries over a year late.
I ask you, why would you place a deposit?
Bar room lawyer
£500 million
.... is what it cost James Dyson not to start a car company, god knows what Ineos are spending on Projekt Grenadier. There is probably enough room in the soon to be partially empty Ford plat in Bridgend.
jonboy4969
Why wste more money and time
Why wste more money and time on a business thats clearly going nowhere, they could not even do the due dilligence on the factory, and ended up being screwed over, so if they can not even do that properly, how can you guarentee that the car will be ok.... and not have something silly be missed that will cause injury to someone...
V12smig
Buy an
F-Type. it will undoubtably be a better car in every single aspect
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