TVR has secured a further £2 million cash injection from the UK government and has made assurances that customer deliveries of the Griffith sports car will begin in 2022.
The latest loan was secured by London-based lender Fiduciam Nominees, which has been involved in financing the TVR project from the beginning. The loan comes via the UK government’s Coronavirus Business Interruption Loan scheme. The loan was secured the day after TVR satisfied two charges (paid off debts in full) owed to Fiduciam Nominees.
The loan is said ensure that TVR can complete work on its factory in Ebbw Vale, Wales, and start production to fulfil an order book claimed to be worth £40m – or a full year of production.
However, there has been no mention of whether the recent bonds issue secured the £25 million required to continue pre-production development of the V8-powered Griffith and tool the factory. Autocar is awaiting comment from the firm regarding this.
Last month, TVR chairman Les Edgar stated that planning permission had been granted for the renovation of the existing factory site, which is owned by the Welsh government and is intended to be leased back to TVR. Work on the site – which requires a new roof structure – is said to have now begun.
Edgar also stated that “extensive testing” on the roads around the firm’s new Surrey HQ and at the Goodwood circuit was completed during the summer and autumn of last year. No details of changes to the car from its existing concept, first unveiled back in 2017, have been given.