Marcos Company – Do you know what that means ?????

Just over five years ago, British car manufacturer Marcos was purchased out of bankruptcy by an optimistic entrpreneur who had a lifelong dream of building sports cars. Tony Stelliga’s dream has come to an end.

Marcos Engineering has announced they will be closing their doors and going out of business.

Just a few years ago, Marcos was receiving rave reviews from the likes of Top Gear, evo magazine, and Motoringweek. The company was readying two new vehicles for production, and began extensive preparations for bringing their cars to the States.

Stelliga, a Canadian entrepreneur who once described the Marcos TSO as the “British Corvette”, was understandably disappointed by the company’s failure. “Regrettably, despite the extraordinary efforts of our employees, suppliers and dealers, we simply could not attain a profit point, reduce our cost base or raise the necessary capital to sustain the business”, he said in a press release.

Founded in 1959 by two engineers, Jem Marsh doubled as a race car driver, and Frank Costin had previously worked on fighter planes. After the company went out of business in 1970, Marcos was revived in 1976 by Marsh only to find itself in bankruptcy court in 2000.

Now, employees at Marcos will begin tying up loose ends before the company sells off its assets and pays out remaining shareholders and creditors.

“My sincerest gratitude goes out to everyone that worked relentlessly to revive the great British sports car company one more time,” Stelliga said.

Marcos Engineering Limited (”Marcos, the Company”) today announced that it has entered Administration with a view to completion of existing work in progress. Marcos’ plan of dissolution will see the Company wind up its ongoing business activities, sell its assets and distribute proceeds and beneficial interests to shareholders and creditors as soon as practicable.

In reaching this decision the Company considered a number of factors including the Company’s current and future strategic and market opportunities and business prospects, limits on new capital from outside sources, increasing cost of ongoing capital and prevailing economic conditions.

Marcos was founded in 1959 and went into receivership in 2000. The Company was restarted in 2002, conducting business as an independent supplier of a new high performance family of hand built lightweight sports cars that provide a uniquely exhilarating driving experience. Despite mounting competition from companies with substantially greater financial, technical, distribution and marketing resources Marcos continued to develop its sports cars that received international acclaim.

As the cost of capital continued to climb and the potential for profit faded, the Company’s Board and management took steps to minimize product and operational costs while they investigated various strategic opportunities and engaged in discussions regarding lower cost distribution, alternate manufacturing and external capital transactions with potential business partners. After reviewing Marcos’s business prospects and potential opportunities, the Company came to the conclusion that Administration of the Company would have the highest probability of returning the greatest value to its shareholders and creditors.

Regrettably, despite the extraordinary efforts of our employees, suppliers and dealers, we simply could not attain a profit point, reduce our cost base or raise the necessary capital to sustain the business, said Tony Stelliga, Managing Director. My sincerest gratitude goes out to everyone that worked relentlessly to revive the Great British Sports Car Company one final time.

Scribbled on January 12th 2008 in Miscellaneous, News, TVR
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