Administrators from Begbies Traynor have agreed the sale of the assets of British car manufacturer Zenos Cars Limited to a consortium of investors, including the backers of AC Cars Limited, the British specialist automobile manufacturer, thereby securing the future of the business.
The Zenos board appointed joint administrators Irvin Cohen and Gary Shankland on 16 January 2017 to seek a new buyer for the company after cancelled export orders in late 2016 resulted in a shortfall in funding, forcing the business to cease trading.
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Following a number of approaches to the administrators from interested buyers, the investor consortium formally acquired the assets for an undisclosed sum.
The consortium includes the backers of AC Cars, which is thought to be the oldest surviving British car marque, best known for its association with one of the world’s most iconic sports cars, the Cobra. AC has previously announced major growth plans, which should see it deliver a significant expansion in sales across multiple international markets.
Cohen 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 the 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 is due course but have nothing further to add at this time.”
