PKF Partners and Joint Administrators of Blackpool Automotive Limited yesterday evening completed the sale of the main assets of the company for an undisclosed sum to a company controlled by Nikolai Smolensky.

The sale included the TVR trademarks, certain vehicle stock, work-in-progress, and the manufacturing plant and equipment.

In a statement, joint administrators Philip Long, Kerry Bailey and Matthew Gibson said:

"Having advertised the assets of the company to the open market, we are confident we have achieved the best possible price in the circumstances and we are now looking to return money to the creditors as quickly as possible.

"While we had a significant number of companies expressing an interest, four demonstrated they had the funds required to enter a bidding process. Ultimately, Mr Smolensky's company came in with the highest offer."