Nikolai Smolensky - owner of the TVR, again
TVR was sold last night again, this time to his older owner, Nikolai Smolensky. The sale included the TVR trademarks, certain vehicle stock, work-in-progress, and the manufacturing plant and equipment.
Joint administrators Philip Long, Kerry Bailey and Matthew Gibson said:
"Having advertised the assets of the company to the open market, we are confident we have achieved the best possible price in the circumstances and we are now looking to return money to the creditors as quickly as possible. While we had a significant number of companies expressing an interest, four demonstrated they had the funds required to enter a bidding process. Ultimately, Mr Smolensky’s company came in with the highest offer."
Althought TVR was in trouble when it was sold to its former owner, Peter Wheeler, it has struggled from one challenge to another over the last couple of years. Few will have faith in Smolensky’s ability to turn it around now and more cynical observers will question why the company has been allowed to go into administration only to be bought by its former owner.