Victor Muller sells Spyker sports cars to CPP

Victor Muller sells Spyker sports cars to CPP

By Mark Hamilton

Motor Industry

24 February 2011 10:49

Supercar maker Spyker is to be sold. Coventry-based coachbuilder CPP has announced a memorandum of understanding (MOU) to buy Spyker Cars from Spyker Cars N.V, the holding company which owns Spyker and Saab.

So is Saab British now?

No. Saab remains under the ownership of Dutch company Spyker Cars N.V. This sale is of Spyker, the manufacturer of flamboyantly detailed mid-engined supercars. CPP has been supplying chassis and body panels for Spyker since the brand was relaunched in 2000, and completed an agreement to handle full manufacturing of the current range in 2009 – the production of Spyker cars moved from the Netherlands to Coventry in 2010.  

The MOU, valued at €32m, will mean that CPP Global Holdings Ltd will become manufacturer and owner of Spyker – €15m will be paid straight away, with the remaining €17m paid over a six year 'earn-out' period. Brendan O’Toole, managing director of CPP Global Holdings Ltd, said: 'This acquisition is very positive news for everyone connected to Spyker. We’re absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.
 
'The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development. Production of the new Spyker flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting.'

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