Resurgent British sports car maker, TVR, has announced today that its new production facility will be located in the Ebbw Vale Enterprise Zone in South Wales. The Welsh Government will also invest in the car maker, while independent financier, Fiduciam, is also providing a major credit facility for the exciting project which represents over £30 million of capital expenditure over the next five years.
The contracts to locate the new TVR factory in Wales were signed on the 18th March and the deal was officially announced by Rt. Hon Carwyn Jones, the First Minister of Wales, during a press conference this morning. Currently, TVR is looking at several specific options for the precise location of the factory, the outcome of which will be the subject of a separate announcement in the coming weeks.
Les Edgar, Chairman of TVR said: “This is a fantastic opportunity both for TVR and the Welsh Government. South Wales is becoming a major hub for automotive and motorsport technology and development and the area is a serious opportunity for business development and job creation. We have a sports car project that has garnered global approval and excitement, and we are delighted that the Welsh government and Fiduciam wish to become a part of an exciting new era for TVR.”
The First Minister said: “This is yet another fantastic high profile investment for Wales and a great boost for our automotive sector. TVR is another iconic and much loved, world-class brand that still commands a strong and loyal international following. I am delighted the next generation of TVRs will proudly bear the label Made in Wales.
“Today’s news follows hot on the heels of the Aston Martin announcement and sends out a strong, clear message that Wales is the location of choice for advanced manufacturing. It also illustrates that our pro-business approach is delivering results, attracting significant investment and creating high quality jobs and it is another huge boost for Wales, for our automotive sector and for our skilled workforce.”
Fiduciam, the pension-fund owned lender to entrepreneurs and small and medium-sized enterprises, is delighted to be backing the project. Johan Groothaert of Fiduciam says: “Our financial backing is an endorsement of our confidence in TVR and its ability to successfully bring its stunning new car to market, while creating high added-value manufacturing jobs in Wales. TVR is leveraging the UK’s strength in specialist car engineering, its strong brand name and its passionate following. With an experienced management team in place and design and manufacturing plans advancing well, our credit facility should assist TVR in transitioning from design and development into manufacturing”.
Duncan Gray of London based Corporate Finance House Bluehone Investors who act as advisors to TVR, added: “It has been a privilege working alongside a team of professionals whose every waking moment is solely devoted to making TVR roar once again! The Fiduciam funding facility and the Welsh Government support announced today combined with additional private investment are the financial milestones that ensure the distinctive sound of the TVR soon returns to our roads.”
The new TVR project, which was announced in early 2015, has already secured in excess of 350 deposits for the fantastic new launch edition car, which features innovative design and styling that maintains the distinctive TVR DNA, but also includes F1 inspired, ground-effect technology. The chassis and body has been designed by Gordon Murray of Gordon Murray Design Ltd. and will be the first production car to be manufactured using their revolutionary iStream® assembly process. Power is provided by a Cosworth tuned and enhanced V8 engine. The Welsh factory will be busy fulfilling orders that already run through to the end of 2018.