CPP sold – Spyker moves back to HollandWed, 07 Mar 2012 00:00:00 -0800
Spyker moving back to Holland
The fallout from Vladimir Anotonov’s problems has seen Brendan O’Toole losing CPP, and Spyker is now moving back to Holland.
We knew that the arrest of Vladimir Antonov over banking ‘irregularities’ would cause problems for CPP Manufacturing and CPP Global Holdings. And it has. Founder and 50 per cent shareholder Brendan O’Toole has had to sell out under the weight of big loans and no more ‘Vlad the Bank’ to help.
Brendan has stayed on at CPP (which must hurt) but the company is now owned by Envisage, which appear to have kept hold of most of CPP’s highly skilled workforce and kept the contracts for cars like the new Aston Martin Zagato.
The change of ownership at CPP has also seen Victor Muller announce that production of Spyker is to move back to Holland. CPP had invested heavily to move Spyker production to Coventry, but Muller procrastinated on signing the deal off, a decision that now seems vindicated after CPP effectively went under.
Spyker has apparently bought some of the Spyker tooling from CPP and plans to get cars moving out of Zeewolde as soon as possible. Whether Victor has managed to acquire the customer cars at various build stages in CPP’s facility we don’t know, but it looks like Spyker may be back in play within months.
We’ll update when we know more.
By Cars UK