Fiduciam provides £3m funding for launch of new TVR sports car
Bridging and marketplace lender Fiduciam, has facilitated the launch of the 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 (Friday 8th September) at the prestigious Goodwood Revival festival in Chichester. The launch of the new long-awaited TVR, puts a British icon back on the roads. It has been created in conjunction with famous 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 1250 kg car promises incredible 200mph performance and 0–60mph in less than four seconds.
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. Very often bridging lending is associated only with property, but Fiducium’s loans to manufacturing companies demonstrates the positive impact bridging marketplace lending can have to other sectors of the economy.
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.”