3:02 pm, March 24, 2017
ZENOS Cars has been saved two months after it went into administration.
A consortium headed up by AC Cars, which makes replica Cobras, has purchased Zenos for an undisclosed sum.
The news, broken by Autocar earlier today, revealed that the acquisition was for Zenos and all of its effects, including all existing stock and intellectual property.
AC Cars currently produce reborn 378 Cobras in South Africa, based on the fourth generation of the model.
In a statement from the administrators, Begbies Traynor, it said: ‘The Board of Directors of Zenos Cars appointed joint administrators Irvin Cohen and Gary Shankland of Begbies Traynor (London) LLP 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.
‘Following a number of approaches to the administrators from interested buyers, the investor consortium has today formally acquired the assets of the Company for an undisclosed sum.’
For now the brand will remain at its production facility in Norfolk. Owner of AC Alan Lubinsky told Autocar: ‘We will take over over the current facility but I’m not saying we will manufacture cars there.’
Joint administrator Irvin Cohen, 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 added: ‘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 is due course but have nothing further to add at this time.’
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