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Last Updated: Tuesday, 27 July, 2004, 16:50 GMT 17:50 UK
Russian buys up British car firm
The new owner says he will take a 'hands-on' approach
Blackpool-based sports car company TVR has been sold to a 24-year-old Russian investor, it has been announced.

Former banker Nikolay Smolensky has said he wants to expand the firm, which currently employs 400 people at its site in Bispham, Lancashire.

TVR specialises in high-performance cars and is one of the few privately-owned car companies in the UK.

Mr Smolensky has already been to the TVR headquarters, where he told staff he planned to be a hands-on owner.

'Global player'

Mr Smolensky was the chairman of the Russian bank OVK until last year, when he sold his shareholding.

Much of his money is reported to have come from the businesses created by his father

A statement from TVR confirms it has been sold by owner, Yorkshireman Peter Wheeler, who will remain on board as a senior consultant.

In a brief statement, the company says it plans to continue trading, invest heavily in new technology and production methods, and enhance the TVR brand to become a global player.

It also says there will be no large scale restructuring.

Mr Smolensky's father is the wealthy Russian businessman Alexander Smolensky.


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