Car maker still to confirm site
The company looking to build a new generation of the iconic TVR sports car in south Wales has still to finalise its factory location.
In 2015, with the backing of the Welsh Government, a £30m investment to produce new models of the TVR was announced.
TVR said the investment would create 150 direct jobs and many more in the supply chain, with four new models being brought to market over the next decade.
After an extensive property search, TVR is looking to acquire the 184,000 sq ft former Techboard factory on the Rassau Industrial Estate in Ebbw Vale.
A Welsh Government spokesperson said: “TVR has identified Ebbw Vale as its preferred production location and the Welsh Government is working closely with the company as it progresses the development of the new car and its planned move to Wales.”
The factory site is being marketed on behalf of its owners by property advisory firm Lambert Smith Hampton.
It said on negotiations with TVR: “Discussions between the various parties are still ongoing, but no completion date has been agreed as yet.”
Speaking last year, TVR chairman Lee Edgar said: “We have a sports car project that has garnered global approval and excitement, and we are delighted that the Welsh Government wish to become a part of an exciting new era for TVR.”
One option was to locate the TVR factory at the proposed Circuit of Wales project planned for more than 800 acres of deregistered common land at Rassau in Ebbw Vale.
And a final decision on whether the Welsh Government will support the project will not be known until after the local authority elections in Wales in May.
The final business case from the backer of the project, Heads of the Valleys Development Company (HoVDC), is seeking the Welsh Government to underwrite just under half the cost of the £425m project, which would be privately funded.
The Welsh Government has yet to complete its due diligence on the last in a long line of business cases for the project.
HoVDC, which said the professional motorsports racetrack circuit would also attract leisure and automotive sector investment, has letters of intent from investors, including from potential cornerstone investor Aviva Investors.
However, funding is predicated on Welsh Government underwriting.
In a recent statement, Aviva said: “The Circuit of Wales scheme has the potential to transform the local area and economy, and we remain hopeful of a positive outcome to negotiations with all parties involved on the project.”
Economy Minister Ken Skates said claims that the project could – directly and indirectly – create 6,000 new jobs would be “thoroughly scrutinised” in the current due diligence process.
Mr Skates said: “We will not bypass due diligence for any decision. We have been applying immense pressure to the developers to provide the information that is required of them by the consultants. With that information, due diligence can be completed.”
Auditor General Huw Vaughan Thomas is separately investigating more than £9m that the Welsh Government has already provided to the scheme. His report is expected sometime in April.
In a statement, HoVDC said: “The Welsh Government is undertaking a robust and extensive programme of confirmatory diligence and, given the seven years of activity, it has taken time to compile all information requested by them and their advisors.
“We wholeheartedly support the Cabinet Secretary’s intent for the cabinet to make the decision as soon as the diligence is complete and recommendations made.
“This will allow the company and its delivery team to move forward with the extensive construction, and deliver a project that will bring investment and jobs to the region and provide a dividend to the Welsh Government of approximately £131m in the 33 years following the end of construction.
“This decision will provide certainty to both the people of south Wales and the committed international investors, globally recognised development partners and staff, who have dedicated a great deal of time, their professional reputations and a significant amount of private investment to enable this remarkable project to be at this point, ready to be delivered.
“We acknowledge the significant efforts by the officials and our respective teams to ensure that our project meets the challenging metrics set out last year and will continue to work with enthusiasm, dedication and effort to deliver this transforming project for Wales.
“We also continue to be available to meet with Welsh Government officials and its advisors and stand ready to do all we can to accelerate any of their work to allow a decision to be made as early as possible.”