Fiduciam extends its commitment to TVR with £2m CBILS loan
Fiduciam is extending its relationship with car manufacturer TVR through a further three-year £2m loan, under the Coronavirus Business Interruption Loan Scheme (CBILS). Fiduciam has been a financial backer of TVR’s project to launch a new car since 2016.
In March 2016 Fiduciam granted a £6 million credit facility to TVR to allow it to develop the new Griffith sports car and prepare for its production. The order book for the new car currently stands at £40m, representing one year of production.
TVR’s plans were unsurprisingly delayed by the disruption caused by Covid-19 earlier in the year. However, planning permission for an upgrade to the existing factory in Ebbw Vale, Wales has now been granted which, when complete, will bring the company another step closer to putting a new TVR on the road. Factory renovation works are expected to start this month. This milestone in TVR’s comeback now sets the timescale for start of production of the Griffith.
Les Edgar, chairman of TVR, commented: “Fiduciam has been a reliable financial partner for TVR as we develop 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.”
Johan Groothaert, CEO of Fiduciam, commented: “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.”
TVR partnered with Gordon Murray Design to develop the new TVR Griffith, which employs the model designer’s innovative iStream® architecture. This includes carbon composite structure and body panels, to bring the weight under 1300kg, whilst offering exceptional torsional rigidity and a perfect 50:50 weight distribution.
Powering the new TVR Griffith is a naturally aspirated 5.0-litre Ford V8, targeting 400bhp/tonne and is mated to a six-speed manual gearbox. The TVR Griffith achieves a top speed of 200mph and accelerates from 0-60mph in less than four seconds. It has also been designed for future hybrid and full EV power, its low weight allowing for substantial battery mass.
CBILS is designed to support the continued provision of finance to UK smaller businesses during the Covid-19 outbreak. It is delivered through British Business Bank accredited lenders such as Fiduciam. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.