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British car maker Zenos gets new lease of life with deal

Friday 24 March 2017, By Autovolo

British car maker Zenos gets new lease of life with deal

British car maker Zenos gets new lease of life with deal

Zenos Cars has been brought back from the brink of closure thanks to a new deal.

The assets of the British car maker have been successfully sold to a consortium of investors.

The consortium is led by AC Cars – the creators of the reborn Cobra. The company had previously announced its intent to grow, with this announcement only proving AC Cars’ desire to expand. However, the sum it paid for Zenos Cars remains undisclosed. 

The board of directors of Zenos Cars appointed joint administrators on January 16 2017 to find a new buyer for the company after cancelled 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, a consortium of investors was found to be the ideal new owners of the company.

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.”
 
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.”