29 July 2004

Much-loved British sports car maker TVR is under new ownership. Peter Wheeler has sold the low-volume Lancastrian manufacturer to a Russian millionaire friend of Chelsea FC owner Roman Abramovich; 24-year-old Nikolai Smolenski. The young millionaire payed £15 million for Wheeler's 100 per cent stake.

A statement on TVR's company website assured that Wheeler would stay on as a senior consultant, and that production at the firm's factory would be uninterrupted. After a tour of the company's factory, Smolenski was said to be 'incredibly excited by the quality of engineering and skill' on display. Efforts will be made to channel extra investment into new technology and production methods however. Large-scale restructuring has been ruled out.

For a full report on the hand-over and its ramifications, read Autocar next week

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