Deal unveiled to save Norfolk’s Zenos Cars - but 25 jobs are lost
PUBLISHED: 14:39 24 March 2017 | UPDATED: 09:52 04 August 2017
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A buyer has been found for a Norfolk carmaker which went into administration - but it has been confirmed that 25 jobs have been lost in the process.
The assets of Zenos Cars were bought for an undisclosed sum by a consortium of investors which includes the backers of specialist manufacturer AC Cars Ltd.
But administrators confirmed that the company’s 25 workers were made redundant when they were called in to the Wymondham-based firm on January 16, after a string of cancelled export sales resulted in a funding shortfall.
Begbies Traynor said it had received several approaches from interested buyers, leading to the investor consortium – which has not been named – formally completing the acquisition on Friday.
Few details have been released but it is understood that the buyers are keen to preserve the Zenos name.
Joint administrator Irvin Cohen, of Begbies Traynor, said: “We are very pleased to have achieved this sale of the assets of Zenos Cars, which will allow this popular brand to continue and flourish in the future.”
A spokesman for the consortium said: “Zenos has been the recipient of several million pounds of investment from its previous owners and its sports cars have been well received by the specialist media.
“Our team is convinced that Zenos Car’s E10 range provides an excellent platform for international sales success and we look forward to moving forwards with exciting plans for its development and growth.
“We will expand on our plans in due course but have nothing further to add at this time.”
AC Cars is thought to be the oldest surviving British car marque, best known for the sportscar the AC Cobra, and has previously announced major growth plans.
Zenos Cars was founded at Hethel Engineering Centre in 2012, before moving to a base at Wymondham Business Park.
When administrators were called in, managing director Mark Edwards said the company had made “very good progress” in developing the next product in its strategy. It had been working on a new model, the E11, a higher-volume fixed-roof coupé.
The E10 - of which Zenos expected to produce 100 last year - had been sold across the UK, the US and Europe, with half being sold overseas.