Spyker Cars, the Dutch supercar maker, has been sold to British-based coach-building company CPP.
The Coventry-based firm has signed a Memorandum of Understanding to pay Spyker Cars NV a total of 32 million Euros for the company, with 15 million to be paid up front, and 17 million to follow over the next six years.
However, the deal does not include the other large asset on Spyker Cars NV's books – Saab. That remains under control of the Dutch and the running of the Swedish manufacturer is said to be unaffected by the deal.
CPP has been involved with Spyker manufacturing since 2000, when it started producing chassis and body panels, and it has been making the C8 Aileron since 2009.
While the company will now be based in Coventry full time, it is not strictly speaking under British ownership as CPP enjoys the financial backing of Russian Vladimir Antonov.
Brendan O'Toole, managing director of CPP Global Holdings Ltd, said: "This acquisition is very positive news for everyone connected to Spyker. We're absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed"
Confusion over the fact that Spyker Cars NV no longer owns Spyker Cars but does own Saab should be resolved when a name change for CPP's new acquisition is announced in March. However, CPP wants to keep hold of Spyker's heritage so will not be drastically changing the name.