An East Anglia sports car manufacturer which counted former Tesla, McClaren and Lotus staff among its designers and engineers has entered administration following a downturn in trade.
Irvin Cohen and Gary Shankland of insolvency specialist Begbies Traynor have been appointed to handle the affairs of Zenos Cars, a business set up in 2012 to make high-performance, lightweight sports cars.
Production of its first car, the mid-engined E10, began in January 2015 and the range of E10, turbocharged E10 S and 500 bhp/tonne E10 R later went on sale in the UK, US, France, the Netherlands, Belgium, Japan, China, Switzerland and Italy.
“It is with great disappointment that the board has had to take this step,” said managing director Mark Edwards.
“We still believe that our products offer unrivalled affordable fun and we have already made very good progress in developing the next product in our strategy.”
A statement from Begbies Traynor added the administrators were called in after cancelled export orders in late 2016 resulted in a shortfall in funding, forcing the business to cease trading.
However, Irvin Cohen said: “We are currently open to speaking with parties interested in securing a future for the business and would request that any enquiries are made directly with our London office.”
Zenos launched a funding round on equity crowdfunding platform Seedrs last May to raise £750,000.
Taken from an Article by David Casey, Digital News Editor Insider Media