BusinessBusiness RecoveryCarmaker TVR faces government probe

Carmaker TVR faces government probe

Department of Trade & Industry considers investigating controversial collapse of Blackpool carmaker TVR

The companies investigations branch of the DTI has received details of the
collapse of Blackpool carmaker
TVR , which may lead to
a full government probe into why it went bust.

The Sunday Times reports that DTI minister for employment, Jim
Fitzpatrick, has composed a letter bringing the situation at TVR to the
attention of investigators.

The move follows pressure from trade unions and Blackpool North MP Joan
Humble.

Humble wrote to the DTI
in January, and in his reply to the letter Fitzpatrick said: ‘I have passed
the papers to officials at the DTI’s companies investigations branch who are
considering whether a Companies Act investigation should be conducted in this
instance.’

TVR was bought by Russian tycoon
Nikolai
Smolensky
in 2004. The Russian split the business into separate
companies, and put the manufacturing arm into administration while trying to
hold on to the TVR intellectual property rights.

Further reading:

Administrators sell TVR assets to Smolensky

Oligarch seeks to buy back TVR from administrators

‘Baby
oligarch’ loses his trademark rights at troubled TVR

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