Welsh Government purchases three per cent stake in TVR
TVR has gained a minority shareholder in the form of the Welsh government, which now owns three per cent of the revived British sports car manufacturer.
Accounts filed at Companies House last month revealed that the Welsh government has spent £500,000 on acquiring the three per cent stake in TVR, with the Welsh taxpayer providing the marque with a £2m loan.
The news comes two years after TVR announced it would build its new Aston Martin Vantage-rivalling Griffith sports car in a 200,000 sq-ft factory situated in the South Welsh town of Ebbw Vale, creating 150 new jobs. Aston Martin also uses South Wales as a production facility, utilising the nearby town of St. Athan for production of its upcoming DBX SUV.
A Welsh government spokesperson said: “[TVR’s] move to Wales offers an exciting opportunity to create over 100 much needed, well paid new jobs in the Valleys. We look forward to them being an important employer within our Tech Valleys programme, which aims to create 1500 jobs over the next ten years.”
Welsh Shadow Minister for Economy and Transport Russell George remained cautious however, stating: “We need to see tangible evidence that this investment represents value for money. The prestige of the TVR badge is one thing, however we need to see the jobs that were promised, and as major shareholders in the company the Welsh public will want to see genuine progress.”
Production of the new Griffith at the new Ebbw Vale factory will begin later this year. It’ll be powered by a Cosworth-derived 5.0-litre 500bhp V8 and will be made using the iStream production process conceived by ex-F1 designer Gordon Murray.
Back in 2016 when TVR announced its intentions to move into the Ebbw Vale factory, chairman Les Edgar said: “This is a fantastic opportunity both for TVR and the Welsh Government. South Wales is becoming a major hub for automotive and motorsport technology and development and the area is a serious opportunity for business development and job creation.”
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