Classic British car marque Jensen could be back in production next year. Agreements on the investment needed to set up a Jensen factory are expected to be finalised imminently.
The deal to put the new S-V8 sports car into production will involve selling shares in its parent company, the Creative Group automotive engineering and design consultancy. The Department of Trade and Industry will also provide a regional selective assistance grant.
Creative’s directors Keith Rauer and Robin Bowyer have been seeking investors since unveiling the prototype S-V8 at last year’s Birmingham Motor Show.
The group did not comment on a possible deal but it is understood the private funding and DTI grant are being finalised. The equity being sought from investors is thought to be less than the £6m quoted in some reports.
Jensen is said to be seeking a factory site in Birmingham, where it would qualify for a grant in the same way Rover did to redevelop Longbridge.
Bowyer and Rauer bought the Jensen name in 1997. Former Rolls-Royce chief executive Graham Morris is now chairman, and they aim to sell up to 600 S-V8s a year.