Sports Car Maker Zenos Reportedly Saved from Administration

According to an article on Yahoo News, a buyer has been found for Zenos Cars after the company went into administration earlier this year.

British sports car maker Zenos cars saved from administration

A consortium led by AC Cars – the creators of the reborn Cobra – has bought the sports car maker. AC Cars had previously announced its intent to grow, with this announcement only proving its desire to expand. However, the sum it paid for Zenos Cars remains undisclosed.

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 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.

The board of directors of Zenos Cars appointed joint administrators on January 16, 2017, to find a new buyer for the company after canceled export orders resulted in a shortfall in funding. Because of this, Zenos was forced to cease trading.

Following a series of approaches by several different potential buyers, the consortium of investors was found to be the ideal new owners of the company.

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.”

Note: This article originally appeared in part or total on Yahoo News.