"Tuesday 27 July 2004

TVR HOLDING STATEMENT

We can confirm that a 100% shareholding in UK car-maker TVR has been purchased today. The new owner is Nikolai Smolenski.

Plans for the future are to continue trading, invest heavily in new technology and production methods, and hence enhance the TVR brand to become a global player.

There will be no large-scale restructuring and new managerial appointments will be made in due course. Peter Wheeler, previous owner, will remain on board as a senior consultant."

The BBC report states that former banker Nikolai Smolenski has said he wants to expand the company. He has already visited the Blackpool factory where he told staff he planned to be a hands-on owner.

Mr Smolenski was a director with the Russian bank OVK until last year, when he sold his shareholding. His father is the wealthy Russian businessman Alexander Smolenski.

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