Blackpool-based sports car company TVR has been sold to a 24-year-old Russian investor, it has been announced.
The new owner says he will take a 'hands-on' approach
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.
Mr Smolensky was the chairman of the Russian bank OVK until last year, when he sold his shareholding.
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.