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Russian tycoon buys TVR

TVR, the British manufacturer of niche high-performance sportscars, has been bought by TVR owner and enthusaists Nikolai Smolenski, 23, one of Russia's youngest millionaires.

TVR's 400-strong workforce were told on Tuesday that plans for the future were to continue trading, invest heavily in new technology and production methods, and enhance the TVR brand to become a global player.

The new owner of TVR is planning to make the brand more of a global player in the niche sportscar world resulting in models like the Sagaris (right) having more international recognition

No figure was given for the amount paid by Smolenski to Peter Wheeler, a former North Sea oil engineer, who has owned TVR for 23 years. Its last published accounts show a profit of about £400,000 in 2002. However, TVR enthusiasts will be relieved that the charismatic and unconventional Wheeler, who styled the best-selling Tuscan model on the back of a cigarette model, will be retained as a senior consultant.