In the Sunday papers today -
Sunday Tims
DETAILS of the controversial collapse of Blackpool carmaker TVR have been passed to the Department of Trade and Industry’s companies investigations branch, The Sunday Times can disclose.
Officials are considering whether to recommend a full investigation under the Companies Act, according to a letter from Jim Fitzpatrick, the minister for employment at the DTI.
The move follows pressure from trade unions and Blackpool North MP Joan Humble, whose constituency includes the TVR plant, which employed 260 workers before going into administration just before Christmas.
Humble wrote to the DTI about the collapse of TVR in January.
In his reply, Fitzpatrick said: “I have passed the papers to officials at the DTI’s companies investigations branch who are considering whether a Companies Act investigation should be conducted in this instance.”
TVR was bought by young Russian tycoon Nikolai Smolenski in 2004.
Last year, Smolenski split up the business into several companies. Before Christmas, the manufacturing operation, Blackpool Automotive, was sold. Smolenski held on to the TVR name and the rights over designs.
Blackpool Automotive collapsed just days after the sale.
Smolenski tried to keep the TVR marque in a separate company but after a tussle with administrators of the manufacturing operation, he agreed that the brand should be bundled into the Blackpool Automotive business for sale.
Then, 10 days ago, Smolenski himself bought back Blackpool Automotive — and TVR — from the administrators. He is reckoned to have paid around £2m, using a Liechtenstein company.
Smolenski said last week that he was in talks with Italian carmaker Bertone about taking over manufacturing of TVRs. If production resumes, some parts would be made in Britain — but not at Blackpool.
He has drafted in US-based businessmen Adam Burdette and Jean Michel Santacreu, who want to take over running TVR.
They say they have recruited dealers in America to handle TVRs — once the cars have been modified to comply with US safety and pollution regulations.
Peterborough - Observer (or is that Swede Express)
80 years of Soviet Communism created some fascinating millionaires whose approach to business confounds British accountants.....the Russian millionaire has money but doesn't make anything....sounds like TVR found out too late
