Future of Jensen Motors secured

Joint administrators Jon Newell and Philip Long of PKF said yesterday that they were nearing the end of the bidding process for the company, which went into administration last month.

PKF hoping to be Jensen saviour

'We are pleased with the level of interest so far, which has resulted in two firm offers being made,' said Long. 'We expect there to be further offers in the next few days and we will consider them all carefully before reaching a final decision.'

Jensen Motors, which has been around since the 1930s, specialised in high-end sports cars. Over the last four years it has developed the Jensen SV8s, an extremely rare car worth £42,000. Only around 25 have been made, which was the cause of much of many of the company's problems.

'According to its business plan it was supposed to be building five cars a week, but it is only making two a week so it simply ran out of cash,' Newell said.