TVR sold to Russian millionaire
Russian businessman Nikolai Smolenski has acquired Blackpool based sportscar manufacturer TVR from chairman Peter Wheeler who will retain an advisory role on the board. Smolenski (24), named Russia's youngest rouble billionaire by Finance magazine with an estimated wealth of £55m, is reported to have paid £15m for the company, although no official figures have been released.
TVR's new owner has ruled out large-scale restructuring and plans remain in place to put the new Sagaris and Tuscan 2 models into production. Smolenski does intend to expand TVR's global presence as a car manufacturer.
Smolenski was educated in London and studied economics. His father Alexander Smolenski founded the Stolichny Bank group during the height of Russia's expanding capitalism in the wake of perestroika. The bank, which grew into SBS-Agro, became insolvent in 1998 during the Russian economic crisis. Smolenski Sr then founded First OVK Bank which he turned over to his son in 2003, before it was sold for an estimated £80m.
TVR employs 400 people and produces 800 new cars per annum and the company has run a successful 'spec' Tuscan Challenge racing series in the UK for 15 years, and in 2004 has provided factory assistance to LMES team Racesport Salisbury and British GT squad Eclispe Motorsport.
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