(autoinsidernews) - Despite statements that TVR production would remain in the U.K., Russian owner Nikolai Smolensky has announced that he will be moving the niche sports carmaker's production out of the U.K. Production will be moved to an undisclosed European country and will result in the loss of 250 jobs at the company's Blackpool assembly plant, reports Trend.
Mr Smolensky said: We are extremely sorry that, after a period of uncertainty and raised hopes that we could continue production ourselves in Blackpool, we have had to make this decision. We need to secure the future of the company and move it forward. I am afraid we see no other way to do so. We are acutely aware of the shock and distress this will cause for our staff and their families. We will ensure that we meet all our responsibilities towards them over the coming months.