TVR

Fiduciam facilitates the launch of new sports car




Fiduciam has financed the launch of the new TVR sports car after providing a funding line for both the factory as well as the development and manufacture of the vehicle.

The bridging and marketplace lender provided an initial multi-drawdown for the development of the new car in March with an interest-only facility of £6m secured over the company’s and guarantors’ assets.

The car was launched on Friday (8th September) at the Goodwood Revival festival and marks the return of the TVR.

The development of the sports car and the investment in a new production facility in Wales represents £30m of capital expenditure over a period of five years.

“As an entrepreneur, it is never simple to obtain finance these days, even when the principals come with a lot of experience and the business case is unquestionable,” said John Chasey, CEO of TVR.

“Fiduciam made the difference for us, and their loan was one of the key components that made it possible to reach [the] important milestone of unveiling our new car.”

Fiduciam has provided short- and medium-term loans to a number of UK manufacturing customers over the past two years.

“Our financial backing is an endorsement of TVR’s ability to successfully bring its stunning new car to market, while creating many new valuable manufacturing jobs in Wales,” said Johan Groothaert of Fiduciam.  

“TVR is leveraging the UK’s strength in specialist car engineering, its strong brand name and its passionate following of its loyal customers. 

“[The] unveiling of its new car proves our confidence has been justified.”

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