Finance for the bid - which relates only to the MG brand, the TF two-seater sports car and associated manufacturing equipment – is supported by a consortium of investors including an overseas vehicle manufacturer, a US-based investment fund and a wealthy entrepreneur.
The Chapman Automotive plan sees the revival of the MG TF model only and the transfer of its production from Longbridge to another facility in the West Midlands. It does not include the MG range of saloons, hatchbacks and estate cars.
It is envisaged that production will start later this year, with sales through a revived dealer network in the UK, Europe and other right-hand drive markets. A return to the US market is predicted within the medium term.
Chapman Automotive was founded by Colin Spooner former design director of Lotus Cars, Colin Cushing, founder of Canewdon Consultants Group and Barrie Wills, who for the last 20 years has acted as a consultant to OEMs. Past clients of the three include: Proton, Lotus, Lamborghini, Ford, Fiat, Yulon Motors, Eicher Motors, Iran Khodro, Tianjin Auto, Kia and Tata Motors.