Currently reading: TVR seeks £25m investment to fund Griffith production
Reborn marque claims more than £40m worth of orders but needs funds to secure and fit out new factory
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3 mins read
25 June 2020

TVR is attempting to raise fresh capital in order to take its reborn Griffith sports car to production, having outlined to investors a plan for adding new derivatives and even future-proofing the model for the electric age.

There have been no public updates from the company since March, when it confirmed that a planning application had been submitted to Blaenau Gwent County Borough Council for refurbishing a factory on an industrial estate in Ebbw Vale, South Wales.

The building is to be turned around by the Welsh government before being leased to TVR. When contacted by Autocar, the council said a decision on planning approval still hasn’t been made.

The Welsh government told BBC News earlier this year that the site would become TVR’s factory only once the company could prove that it had raised the capital needed to start car production.

TVR chairman Les Edgar previously claimed that factory delays were the result of European Union bureaucracy caused by the Welsh government’s involvement.

Company accounts published in March reveal that TVR is owed more than £8.23 million from debtors, has net assets of just over £2.1m and, despite having road-registered one Griffith earlier this year, has no listed employees beyond company directors. TVR must also pay off a £2m loan from the Welsh government and a £3m loan from financial firm Fiduciam Nominees.

Despite TVR’s directors revealing a requirement for additional funding via securitisation bonds and insisting they “have no particular reason to expect that such funding will not be secured”, auditors stated that a “material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern”.

TVR is attempting to raise £25m by issuing bonds on the Dublin stock exchange through Irish firm Audacia Capital, having been unsuccessful with London-based Pello Capital.

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It’s believed that all of that sum is required to take the Griffith through to production and tool the Ebbw Vale factory. Autocar understands that TVR is now predominantly targeting enthusiast investors who understand the brand, its history and its Blackpool roots.

In an investment overview published by Audacia, TVR maintains that it has an order book in excess of £40m, with the first year’s production of the Griffith Launch Edition sold out. However, Autocar understands that at least a small number of orders have been cancelled by depositors who were originally expecting to receive their cars more than a year ago.

When asked to comment on funding status, TVR CEO Jim Berriman claimed there had been some “game-changing progress” in the past couple of months and that there’s a proposed timeline for the factory to be up and running. “We’re working closely with our Welsh government partners on realising this,” he said.

The investor overview also details TVR’s product plan. It intends to initially focus on the UK, before sales in Continental Europe and eventual expansion into North America, the Middle East, Japan and Australia.

The Griffith Launch Edition is described as “the first product in a sustained product portfolio expansion”, which will include convertible versions, hotter derivatives, track-only specials, more than one facelift and a one-make racing series.

TVR also claims hybrid and battery-electric powertrains would be available before 2030 and likely to be sourced from Ford, which supplies the Griffith’s 5.0-litre V8.

The document also reveals plans even beyond the Griffith, with cars at different price points said to be “under strategic evaluation”.

READ MORE

TVR’s revival: a history lesson from the last Welsh car manufacturer 

TVR Griffith production: planning application for factory submittted 

TVR factory construction delayed by EU rules

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Comments
29

25 June 2020

At this rate, the Griffith might need that first facelift before it even goes on sale. I was very impressed by the concept when it was launched, not least because of the Gordon Murray chassis. But the longer this drags on, more early customers will drop out.

25 June 2020

Facelift....not a bad idea considering how it looks now.

26 June 2020

I'm just not interested in fast appliances mass-produced by VW and Tesla.  It was exclusive, interesting, unusual sports cars that got me interested in cars in the first place.  I'm definitely losing the passion.

25 June 2020

I would love TVR to be in production and to be a UK manufacturing success but I doubt either of those things will come true. As Scrap says, it is already looking dated. Customers who want a V8 muscle car like this can just go buy a Corvetee right now. If you really want a Bristish Muscle car buy an F Type.

25 June 2020

The way this saga is carrying on, it's safe to say the rebirth of TVR and the new Griffiths are dead in the water. Seemingly another ambitious attempt to revive a British marque but seriously underestimating what's involved, including finances.

289

25 June 2020

..... no surprises here!

Lurching from one disaster to another, planning not even in place for the factory and the first deliveries over a year late.

I ask you, why would you place a deposit?

25 June 2020

.... is what it cost James Dyson not to start a car company, god knows what Ineos are spending on Projekt Grenadier. There is probably enough room in the soon to be partially empty Ford plat in Bridgend.

25 June 2020

Why wste more money and time on a business thats clearly going nowhere, they could not even do the due dilligence on the factory, and ended up being screwed over, so if they can not even do that properly, how can you guarentee that the car will be ok.... and not have something silly be missed that will cause injury to someone... 

25 June 2020

F-Type. it will undoubtably be a better car in every single aspect

25 June 2020

UK has the greatest number of small sports car brands (small sized companies, not small sized sports cars) - TVR, Lotus, Bristol, Morgan, McLaren, Aston Martin ... each with a very narrow porfolio that is vulnerable to fashion or economic changes.

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