Supercar group acquisition secures 120 skilled jobs for Coventry
AROUND 120 highly-skilled jobs have been saved in Coventry following a deal between two automotive engineering firms.
The Envisage Group, which is based in the city, has acquired the interests of the CPP manufacturing division of CPP Global Holdings in an undisclosed deal.
CPP hit the headlines last year over plans to acquire the Dutch supercar group Spyker in a deal thought to be worth £27m and manufacture the C8 Aileron model at its city-based operation.
However, a Memorandum of Understanding lapsed and the proposal was shelved as the future of the supercar business lay mired in the fate of Saab owner, Swedish Automobiles.
CPP had already announced it planned to move to the historic Browns Lane site, former home of Jaguar, to accommodate the production operation.
Following the collapse of the deal, CPP said it would use the new vehicle assembly facility to produce the next generation of off-road supercar, the Bowler EXR, and a new version of the iconic Jensen Interceptor, left.
The new deal will see the launch of a new company, Envisage CPP. The agreement sees the retention of 120 staff at the former CPP head office on the Seven Stars Industrial Estate.
Brendan O’Toole, who founded the CPP Group in 1995, will continue to lead the new company.
He said: “I am looking forward to being part of the new group and taking it forward with an exciting future under the umbrella of Envisage.”
Bryan Campbell, executive chairman of the Envisage Group, said the two companies were a ‘perfect fit’ enabling the group to develop into new areas and deliver total turn key projects.
“CPP was a company I respected enormously and which I very much admired with its skilled workforce and craftsmanship,” he said.
“When its interests and assets were offered we were therefore interested. We understand that there were around 20 expressions of interest and ours represented the best chance of continued employment for the staff and unbroken service to clients.
“The Envisage Group now brings the strength and financial stability that provides a long term future for the growing transportation sector and provides continued employment for the CPP staff and ongoing service to their expanding client base.”
Envisage is a group of six companies in the global transport engineering sector which provides design, manufacturing and recruitment and offers a one-stop world class service to its client base.
The group currently has two plants in Coventry, and employs around 280 staff.
The remaining parts of CPP Global Holdings continue to trade.
