TVR chairman Les Edgar says his brand is on course to begin production of the new Griffith next year, thanks to the latest injection of £2 million via the UK Government’s Coronavirus Business Interruption Loan Scheme. Financial backer Fiduciam secured the loan for TVR to ensure the British firm can build the cars to supply an order bank worth £40m – an amount said to represent a full year of production at the Ebbw Vale facility, which is currently undergoing extensive restoration.
It was the Rassau Industrial Estate site that provided TVR with its first major hurdle last year, when inspections revealed its entire 180,000ft roof structure needing replacing. On top of the pandemic. There's no indication of how far along that work has come, although Edgar's assurance that the manufacturer is on track for first customer deliveries in 2022 suggests it is progressing. TVR confirmed its engine supply deal with Ford last year, meaning it will receive 5.0-litre V8 Coyote motors with the Cosworth components the concept previewed back in 2017. It is set to produce 500hp and use a six-speed manual gearbox with rear-wheel drive.
Speaking of the new loan and its importance to delivering on that promise, Edgar said that “Fiduciam has been a reliable financial partner for TVR as [the firm] develops the new Griffith sport car. Raising funds is always a challenge and even more so for manufacturing projects in Covid-19 times. We appreciate that Fiduciam has always been willing to roll up the sleeves to fully understand our business plan. We have endured a further delay because of Covid-19, but we are confident we are now into the final straight to commence manufacturing, with the first cars being delivered in 2022.”
Fiduciam chief executive, Johan Groothaert, added: “Since we granted our first loan, TVR, together with Gordon Murray Design, has been able to design an excellent new sports car. It has introduced an innovative assembly concept, which allows for much smaller production runs. We are pleased that TVR, with its strong and committed management team, has overcome the many hurdles on the road to launching the new Griffith. We are looking forward to seeing the new Griffith rolling off the production line and our financing relationship with TVR continue for many years to come.”
The backer supplied TVR with £6m of cash via a credit facility loan back in March 2016, almost two years before the Welsh Government invested £500,000. The motivation has always been clear: TVR is expected to create 150 new jobs and provide a boost to the local supply chain when fully up and running. Clearly the company feels that additional funds have paved the way for that to happen. We live in hope.
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