BusinessBusiness RecoveryAdministrators sell TVR assets to Smolensky

Administrators sell TVR assets to Smolensky

Russian businessman Nikolai Smolensky buys back TVR assets from administrators

PKF partners and joint administrators of Blackpool Automotive Limited
yesterday evening completed the sale of the main assets of the company for an
undisclosed sum to a company controlled by Russian businessman,
Nikolai
Smolensky
.

The move may come under trade
union
attack
, in light of Smolensky’s announcement last year to move production
from Blackpool with the potential loss of more than 200 jobs, The
Guardian
reported.

The sale included the TVR trademarks, certain vehicle stock,
work-in-progress, and the manufacturing plant and equipment.

Blackpool Automotive went into administration and the assets were put up for
sale last year.

In a statement, joint administrators Philip Long, Kerry Bailey and Matthew
Gibson said: ‘Having advertised the assets of the company to the open market, we
are confident we have achieved the best possible price in the circumstances and
we are now looking to return money to the creditors as quickly as possible.

‘While we had a significant number of companies expressing an interest, four
demonstrated they had the funds required to enter a bidding process. Ultimately,
Mr Smolensky’s company came in with the highest offer.’

By buying the assets, rather than the company as a going concern, Smolensky
does not have to take on debts.

Further reading:

Oligarch seeks to buy back TVR from
administrators

Smolensky
buys back TVR assets

‘Baby
oligarch’ loses his trademark rights at troubled TVR

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