A Russian business tycoon has bought UK sports car manufacturer TVR, it emerged today.
A statement released on the company website confirmed the new owner as millionaire Nikolai Smolenski.
The announcement said the firm would continue production with a view to channelling extra investment into new technology and production methods.
The statement said the new owner had ruled out any large-scale restructuring of the multi-million-pound car firm and added that former owner Peter Wheeler would remain on the board as a senior consultant.
Mr Smolenski is understood to have already visited the company's headquarters near Blackpool, Lancashire, where it employs around 400 people.
TVR is one of the few privately-owned car firms in the UK and specialises in manufacturing high-performance luxury vehicles such as the Chimaera and Griffith.
The press release announcing the sale said: “We can confirm that a 100% shareholding in UK car-maker TVR has been purchased today. The new owner is Nikolai Smolenski.
“Plans for the future are to continue trading, invest heavily in new technology and production methods, and hence enhance the TVR brand to become a global player.
“There will be no large-scale restructuring and new managerial appointments will be made in due course.
“Peter Wheeler, the previous owner, will remain on board as a senior consultant.”