British sports car firm Marcos Engineering has entered administration. The company has said that it intends to complete existing work in progress, but it will wind up the business and sell its assets.Marcos was founded in 1959 by Jem Marsh and Frank Costin, initially building cars with a composite chassis and a lower body made from plywood. It went into administration in 2000, before being revived by entrepreneur Tony Stelliga in 2002.Under Stelliga, Marcos developed the new TSO and GT models, powered by a Corvette LS6 engine.Despite much critical acclaim for the new car on initial drives, Marcos reckoned the “continuing cost of capital” means that the potential for profit has faded, and therefore decided that administration was the best way of returning value to the company’s shareholders.“Regrettably, despite the extraordinary efforts of our employees, suppliers and dealers, we simply could not attain a profit point, reduce our cost base or raise the necessary capital to sustain the business,” said Stelliga. “My sincerest gratitude goes out to everyone that worked relentlessly to revive the great British sports car company one more time.”
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