Coventry firm in multi-million pound bid to buy Spyker

COVENTRY based CPP is in talks to buy Dutch luxury sports car company Spyker in a deal understood to be worth around £27m.

CPP has signed a memorandum of understanding with the Dutch firm to acquire its assets.

Full production of the Spyker C8 Aileron has already been moved from Holland to Coventry but this latest move would mean full ownership of the company could transfer to CPP if the deal goes through.

Brendan O’Toole, managing director of CPP Global Holdings, said: “This acquisition will be very positive news for everyone connected with 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 the company has very exciting plans for Spyker and the brand is entering a period of major developments.”

CPP announced earlier this week it was recruiting new engineers to help with both the assembly operation of the C8 and other new projects.

“We are ramping up production of customer cars at our new purpose-built facility in Coventry and we have well developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting,” added Mr O’Toole.

It is thought the Dutch firm was keen to focus on the volume market following its acquisition of Swedish marque Saab from General Motors, which was concluded last year.