21 August 2018

TVR Automotive – a transformational multi-tranche facility

By Fiduciam

Following the take-over and recapitalization of TVR by a group of successful British entrepreneurs, the development of a new high-performance car was commenced in close cooperation with Gordon Murray Design. Fiduciam provided the cornerstone of the second capitalization round, closely working together with the Welsh government and equity investors, in order to finance a new production facility in South Wales, a project representing £30 million of capital expenditure and creating 150 direct jobs and many more in the supply chain. This transaction demonstrates Fiduciam’s ability to successfully complete ambitious transactions. The transaction required Fiduciam to work together with the Welsh Government and a company which provided third-party security for the transaction.  The challenge was to find a financing solution that met the needs of all stakeholders.  The overall security package consisted of real estate, farmland, manufacturing assets, intellectual property, cars and parts.  The transaction was brought to Fiduciam by a corporate finance boutique in the City which simultaneously worked on an equity raising for TVR.