TVR's backers have secured a £2m loan from the UK government, with chairman Les Edgar issuing assurances that the first customer deliveries of the Griffith sports car will begin in 2022.
The latest loan was secured by London-based lender Fiduciam Nominees, which has been involved in financing the TVR project from the beginning. The loan comes via the UK government’s Coronavirus Business Interruption Loan scheme.
TVR can complete work on its factory in Ebbw Vale, Wales, and start production to fulfil an order book claimed to be worth £40m - or a full year of production.
However, there has been no mention of whether the recent bonds issue secured the £25 million required to continue pre-production development of the V8-powered Griffith and tool the factory.
In a recent statement seen by Insider Media, TVR chairman Les Edgar said "We appreciate that Fiducium has always been willing to roll up the sleeves to fully understand out business plan. We have endured a further delay because of Covid-19, but we are confident we are now into the final straight to commence manufacturing, with the first cars being delivered in 2022."
Last month, TVR chairman Les Edgar stated that planning permission had been granted for the renovation of the existing factory site, which is owned by the Welsh government and is intended to be leased back to TVR. Work on the site - which requires a new roof structure - is said to have now begun.
Edgar also stated that “extensive testing” on the roads around the firm’s new Surrey HQ and at the Goodwood circuit was completed during the summer and autumn of last year. No details of changes to the car from its existing concept, first unveiled back in 2017, have been given.