Lender Fiducium has supported the launch of a new TVR sports car by providing a funding line for both the factory, based in Wales, and the development and manufacture of the car.
The car launched this morning at the Goodwood Revival festival in Chichester and has been created in conjunction with Formula One racing car designer Gordon Murray of Gordon Murray Design.
The development of the new TVR sports car, and the investment in a new production facility in Wales, represents £30 million of capital expenditure over a period of five years.
The financial foundation for the development of the new car was put in place in March last year, when Fiduciam provided an initial multi-drawdown, interest-only facility of £6 million, secured over the company’s and guarantors’ assets.
Fiduciam has provided short and medium-term loans to a number of manufacturing companies in the UK over the past two years.
Johan Groothaert of Fiduciam said: “Our financial backing is an endorsement of TVR’s ability to successfully bring its stunning new car to market, while creating many new valuable manufacturing jobs in Wales. TVR is leveraging the UK’s strength in specialist car engineering, its strong brand name and its passionate following of its loyal customers. Today’s unveiling of its new car proves our confidence has been justified.”
John Chasey, CEO of TVR, added: “As an entrepreneur it is never simple to obtain finance these days, even when the principals come with a lot of experience and the business case is unquestionable. Fiduciam made the difference for us, and their loan was one of the key components that made it possible to reach today’s important milestone of unveiling our new car.”