TVR Press Release - 29/12/2006
Discussion
This has appeared on TVR's website, although it was dated 29/12/2006
www.tvr-eng.co.uk/news.php
"Following TVR's announcement in October that it was to discontinue in-house production of its cars in favour of outsourcing, the company sold off its manufacturing division, Blackpool Automotive Ltd, which has subsequently been put into administration by its new shareholders.
Although it is unfortunate that Blackpool Automotive has gone into administration, TVR and its parent company remain in operation. Normal business continues for the prestige sports car company and its network of authorised dealers and service centres throughout the UK and abroad. Current warranties and the supply of parts also remain unaffected.
David Oxley, TVR's managing director, said: "It is unfortunate that production could not continue as it had done for so many years, but it is time for TVR to move on and to meet increasing international demands. Our plans include appointing expert partners and outsourcing to more advanced facilities, which will ultimately mean a better product for everyone, both here in the domestic market and internationally."
www.tvr-eng.co.uk/news.php
"Following TVR's announcement in October that it was to discontinue in-house production of its cars in favour of outsourcing, the company sold off its manufacturing division, Blackpool Automotive Ltd, which has subsequently been put into administration by its new shareholders.
Although it is unfortunate that Blackpool Automotive has gone into administration, TVR and its parent company remain in operation. Normal business continues for the prestige sports car company and its network of authorised dealers and service centres throughout the UK and abroad. Current warranties and the supply of parts also remain unaffected.
David Oxley, TVR's managing director, said: "It is unfortunate that production could not continue as it had done for so many years, but it is time for TVR to move on and to meet increasing international demands. Our plans include appointing expert partners and outsourcing to more advanced facilities, which will ultimately mean a better product for everyone, both here in the domestic market and internationally."
Edited by thomr on Saturday 30th December 23:18
Edited by thomr on Saturday 30th December 23:18
TVR press release said:
the company sold off its manufacturing division, Blackpool Automotive Ltd, which has subsequently been put into administration by its new shareholders.
Who TF buys something one month, then puts it into admin the next month ? Sound financial practice that ain't - unless existing owner/s sold it to themselves for s nominal sum
There is too much of this kind of manipulative drop the debt business practices legally allowed on these fair shores for my liking - not suggesting that this is of course
, but you do have to wonder. So much for the warranties still being valid, I spoke to a few dealers who told me that they are still waiting to be paid for warranty work that they had undertaken 6 months ago, understandably, they are reluctant to continue undertaking warranty work unpaid.
Of course what DO forgot to mention in his statement is how the whole workforce had a shit Christmas because they hadn't been paid a bean and their employer promised the DSS that they would be paid, so they didn't even get a small state hand-out. Nice f****ng work Prick!
Of course what DO forgot to mention in his statement is how the whole workforce had a shit Christmas because they hadn't been paid a bean and their employer promised the DSS that they would be paid, so they didn't even get a small state hand-out. Nice f****ng work Prick!
Presumably the company has to say the warranties are valid, as it is TVR Cars Distribution Ltd that people have bought their cars from and that company is continuing.
If they have seen this coming, perhaps that is why TVR Engineering and Production was renamed Blackpool Automotive to stop people saying "TVR has folded" and "TVR is no more".
Has the TVR Cars Distribution Ltd always held the rights to sell/produce TVRs since it was created back in 1977?
Strangely the company TVR Cars Ltd (as in the contact and copyright information on the TVR site) doesn't actually exist, as the company is called TVR Cars Distribution Ltd.
If they have seen this coming, perhaps that is why TVR Engineering and Production was renamed Blackpool Automotive to stop people saying "TVR has folded" and "TVR is no more".
Has the TVR Cars Distribution Ltd always held the rights to sell/produce TVRs since it was created back in 1977?
Strangely the company TVR Cars Ltd (as in the contact and copyright information on the TVR site) doesn't actually exist, as the company is called TVR Cars Distribution Ltd.
As expected...and I know a bit about those business constructions
Happy that I will get my ordered tuscan
Look at it from the bright side, TVR still exists and hopefully will keep on producing the still payable, beautiful, exclusive and rare sportscars
I wouldnt be able to afford a Ferrari or Lambo
Happy that I will get my ordered tuscan
Look at it from the bright side, TVR still exists and hopefully will keep on producing the still payable, beautiful, exclusive and rare sportscars
I wouldnt be able to afford a Ferrari or Lambo"FOLLOWING TVR's announcement in OCTOBER that it was to discontinue in-house production of its cars in favour of outsourcing, the company sold off its manufacturing division, Blackpool Automotive Ltd, which has subsequently been put into administration by its new shareholders.
This is what's confusing me - this states that BA was only "sold off" a couple of months ago and has managed to go into administration in that short time since. I find it impossible to believe that those to whom it was "sold off" had not pre-convceived its almost immediate entry into administration at the time of the transaction. This has all been premeditated - I just can't see the rationale at the moment.
It's more confusing than LOST.
This is what's confusing me - this states that BA was only "sold off" a couple of months ago and has managed to go into administration in that short time since. I find it impossible to believe that those to whom it was "sold off" had not pre-convceived its almost immediate entry into administration at the time of the transaction. This has all been premeditated - I just can't see the rationale at the moment.
It's more confusing than LOST.
Oxley said:
...but it is time for TVR to move on and to meet increasing international demands.
In the middle of a particularly bizarre release, that line stuck out. What increasing international demands? Demands of money from foreign banks? Things must be going really swimmingly for the international side of things to have taken off so well...
Mr Oxley's grasp of reality is becoming increasingly tenuous.
As for the sale of BA, well that's clearly a £1 deal with a mate in order to shut it down cheaply. Interesting that it's taken a couple of months for that bit of info to come to light. Also, if BA had already been 'sold', why all the nonsense about the possible sale to the ex-Jensen people that continued deep into December? Who were they supposed to be buying it off?
I might be putting 2 and 2 together and getting 5, apologies if I am.
TVRPower, as we know have just bought/got/whatever the rights to spares, moulds etc. Have Power infact bought BA, stripped what they want out of it eg spares, moulds etc and put it into administration, junking the rest of it, ie the workers?
Or is that to much of a conspiracy theory?
Regards
Iain
TVRPower, as we know have just bought/got/whatever the rights to spares, moulds etc. Have Power infact bought BA, stripped what they want out of it eg spares, moulds etc and put it into administration, junking the rest of it, ie the workers?
Or is that to much of a conspiracy theory?
Regards
Iain
Great theory but I reckon anyone would agree that the TVR name and the current model copyright, IP etc all stay with NS and whatever company name he has put them into.
So Power would not have bought all of BA unless they di a paper deal and resold the good parts back to NS first?
The question is what is any or even all of TVR actually worth at this point in time:
Factory belongs to PRW and has value to him only
Part stock was low and now belongs to Power
Goodwill in the existing markets is pretty much zero and customer image is therefore worth little, in the existing markets
Engine reputation is very low, again in existing markets
Thus TVR brand value is minute (esp compared to the rumoured initial price NS paid plus his input thus far to keep things going).
BUT in another country then perhaps the drawbacks are negligible. BUT so is the brand!
So even if he can find another manufacturing outlet that can actually make the cars and he can find some customers to buy them can he ever turn a profit?
My view is NO.
The main reason is there are very few countries like the UK with a low volume apporval process that allows these sorts of cars to be legally registered as NEW cars. Hence why TVR never really sold abroad.
The up and coming far east markets may accept cars without European approval but not for long.
So I would suggest that without a European spec then any sales will be small, regardless of brand value and price tag.
The costs for full European approval would be massive for a car never designed with them in mind.
I expect this is why the contract with Ricardo was started, to at least get the engine emission friendly.
As an aside I wonder what Ricardo will say when they return to work as I guess they will want paying by whoever of the TVR group signed that deal!!!
So Power would not have bought all of BA unless they di a paper deal and resold the good parts back to NS first?
The question is what is any or even all of TVR actually worth at this point in time:
Factory belongs to PRW and has value to him only
Part stock was low and now belongs to Power
Goodwill in the existing markets is pretty much zero and customer image is therefore worth little, in the existing markets
Engine reputation is very low, again in existing markets
Thus TVR brand value is minute (esp compared to the rumoured initial price NS paid plus his input thus far to keep things going).
BUT in another country then perhaps the drawbacks are negligible. BUT so is the brand!
So even if he can find another manufacturing outlet that can actually make the cars and he can find some customers to buy them can he ever turn a profit?
My view is NO.
The main reason is there are very few countries like the UK with a low volume apporval process that allows these sorts of cars to be legally registered as NEW cars. Hence why TVR never really sold abroad.
The up and coming far east markets may accept cars without European approval but not for long.
So I would suggest that without a European spec then any sales will be small, regardless of brand value and price tag.
The costs for full European approval would be massive for a car never designed with them in mind.
I expect this is why the contract with Ricardo was started, to at least get the engine emission friendly.
As an aside I wonder what Ricardo will say when they return to work as I guess they will want paying by whoever of the TVR group signed that deal!!!
According to the release someone bought BA roughly 11 weeks ago. In doing so they will have gone through appropriate due dilligence in order for there to be no nasty surprises after the event - certainly not any that would rear their ugly heads within 11 weeks.
So, this suggests that either the buyer went through the transaction in the full knoweledge that they would be putting their new "asset" almost immediately into administration (bizarre) or, perhaps, that they didn't check the smallprint and assumed that they would be guaranteed the outsourced manufacturing contract from NS's remaining entity only to find out almost immediately that it wasn't there - hence the need for administration.
I'm sure there are many more credible theories but I seriously doubt that the Press Release was a lie - it clearly states that BA was sold off shortly after the announcement that they would be outsourcing production.
So, this suggests that either the buyer went through the transaction in the full knoweledge that they would be putting their new "asset" almost immediately into administration (bizarre) or, perhaps, that they didn't check the smallprint and assumed that they would be guaranteed the outsourced manufacturing contract from NS's remaining entity only to find out almost immediately that it wasn't there - hence the need for administration.
I'm sure there are many more credible theories but I seriously doubt that the Press Release was a lie - it clearly states that BA was sold off shortly after the announcement that they would be outsourcing production.
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