Russian TVR takeover take two

23 February 2007

Smolensky rebuys assets from administrators
Future of sports car brand remains uncertain
Unions unhappy at repurchase by Russian

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Sports car brand TVR has once again been bought by Russian Nikolai Smolensky.

In a bizarre twist in the TVR saga, Smolensky repurchased the main assets of Blackpool Automotive Limited from administrators PKF Partners for an undisclosed sum last night.

The purchase includes the TVR brand, some vehicle stock, development work and the Blackpool manufacturing plant and its equipment.

Blackpool Automotive Limited had been created by Smolensky himself last year to protect TVR assets as the company headed into administration.

Smolensky has made no comment on what the repurchase of parts of the business means for TVR, but the Transport and General Workers Union (T&GWU) fears it means that production will still leave the UK.

T&GWU spokesman Andy Robertson said: ‘It is abysmal that the previous owner, who allowed it to go into administration, is now the owner once again.'

Smolensky's original plan was to have TVR cars manufactured in Italy by Bertone.