CPP in £27m talks to buy Spyker
Coventry-based manufacturer CPP is in negotiations to buy a Dutch sportscar company in a deal worth about £27m. CPP has signed a memorandum of understanding with Holland-based Spyker Cars NV to acquire its assets for €32m.
Full production of Spyker’s C8 Aileron model had already been moved from Holland to Coventry, but this latest move means full ownership of the company could transfer to CPP if the deal completed.
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.”
The company had previously announced that 40 new staff would be taken on, and O’Toole said that a completed acquisition would lead “to more new jobs in the long term”.
CPP specialises in British coachbuilding, and has a workforce of 250.
