Spyker Cars will sell its sports car business of the same name to concentrate on running Saab
24 February 2011

Spyker Cars has agreed to sell its sports car business of the same name to a UK holding company to allow it fully concentrate running Saab.

Coventry-based CPP Global Holdings Ltd will pay an initial 15 million euro (£12.7m) for Spyker’s assets, including intellectual property rights and trademarks.

CPP is headed up by Russian billionaire Vladimir Antonov and he previously held a 29.9 per cent stake in Spyker. He was forced to sell this when Spyker bought Saab from General Motors one year ago.

Read Autocar's first drive on the Spyker C8 Aileron

The capital structure of Saab and Spyker would now be separated, said Spyker Cars CEO Victor Muller. “Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker business soon became a small fish in a large pond as a result,” he added in a statement.

Muller will remain as CEO of Spyker until a successor can be found, and Spyker Cars will soon change its name to better reflect its business as owner of Saab.

See pics of the Spyker C8 in action

Spyker has struggled with debt since it was listed on the Dutch stock exchange in 2004 and sold just 36 cars in 2009.

CPP has said its acquisition of Spyker would allow it to add to its 250-strong workforce. The company already carries out the production of the Spyker C8 Aileron in Coventry and future Spyker models would be designed and built at a dedicated facility in Coventry.

“We have well-developed plans to expand the product range further, and the future of the Spyker brand is incredibly exciting,” said CPP managing director Brendan O’Toole.

See all the latest Spyker reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK