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British Car Maker TVR is Sold

30 July 2004

Peter Wheeler today sold 100% of the shares of UK car maker TVR to Nikolai Smolenski, a Russian Businessman.

Based in the north west of England, TVR is the leading British sportscar manufacturer and is unique among companies of its size in that it designs and manufactures in house its own range of engines to power its spectacularly designed range of sportscars.

The company employs 400 people in Blackpool and new investment in the factory and the technology therein will bring great benefits to both the cars and the workforce.

""I am very enthusiastic about the potential of TVR and am grateful for the opportunity to become a car manufacturer,"" explains Nikolai Smolenski. ""I have always been a fan of British car manufacturing and believe that the best automotive designers and engineers are in this country.""

Founded in 1947 and built up over the last 23 years by Peter Wheeler, TVR's profile has grown dramatically over the last ten years. ""It's been a fascinating time and I shall be very sad when I eventually leave,"" said Wheeler earlier today. ""However, it's time to hand the reins over to a younger man and I look forward to helping him with his exciting plans.""

TVR made extensive use of composite technology in many of its cars, and made the news in the composites industry when it employed SP Systems SPRINT Carbon Fibre Composite material as the body panels for their Tuscan R sportscar back in 2002. According to TVR, compared to making the panels out of conventional pre-preg, this material provided a cost saving of over 60%.

Peter Wheeler remains on board as a senior consultant overseeing styling and engineering.

Plans to bring the new Sagaris and Tuscan 2 models into production continue unchanged and the first demonstrators of both cars will be arriving in dealerships in the UK, Japan, mainland Europe and South Africa over the next couple of months.






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