BusinessBusiness RecoveryInquiry begins over TVR ownership

Inquiry begins over TVR ownership

Fight erupts over true ownership of TVR sports car business after manufacturing arm goes bust

Administrators from PKF, who have been trying to salvage the manufacturing
arm of sports car maker TVR
, are believed to be investigationg decisions made by TVR’s owner Nikolai
Smolenski.

Smolenski, a Russian-born tycoon who took over TVR in 2004, had split TVR
into separate operations over the past year,
the
Sunday Times
reports.

Smolenski placed the TVR name and intellectual property into one company and
spun off the firm’s manufacturing arm in December, shortly before it went into
administration.

PKF
administrators are now seeking to clarify the ownership of certain assets,
which could well include the TVR brand and IP. These assets may be used to raise
money for the creditors of TVR’s manufacturing arm.

The outcome of this ownership dispute could decide who has to fund the
redundancy payments of the carmaker’s 200 staff.

Further reading:

Read more about
Nikolai
Smolenski

Rover workers get £20m payments

TVR:
Who’ll save a very British sports car?

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