British carmaker Zenos Cars was recently saved from insolvency by a fellow independent carmaker, AC Cars. The deal involves AC Cars acquiring of Zenos' assets, including the latter's intellectual property and its factory based in Wymondham.
Zenos Cars is a sports car manufacturer founded in 2012 by former Caterham and Lotus insiders Ansar Ali and Mark Edwards. The Zenos brand made its name when it released the E10 sports car which was an innovative piece of engineering back in its time as it is built around an aluminum and carbon composite chassis and powered by a Ford EcoBoost engine, according to Car Magazine. Zenos officially filed for bankruptcy administration in January.
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Zenos' saviors are part of a bigger consortium led by AC Cars. The rest of the consortium is still unknown to the public. Subsequently, reports claim that Zenos' products will most likely be rebranded as AC Zenos.
In a statement acquired by Car Keys, a spokesman for the consortium said, "Zenos has been the recipient of several million pounds of investment from its previous owners and its sports cars have been well received by the specialist media."
Aside from intellectual properties and the factory, AC Cars will also acquire a stock of ten cars which are already assembled. AC have recently revived the Cobra brand, and subsequent Zenos E10 will most likely be built in South Africa, where current Cobra models are being manufactured.
Many motoring analysts have pointed out that one of the many reasons that eventually lead to Zenos' bankruptcy is production cost. Some analysts have pointed out that should AC Cars be able to reduce the cost of production, e.i. transferring production to South Africa, the company should be able to keep production Zenos cars for the future.