Lotus Cars has secured £270m in finance facilities ready to go ahead with a five-year plan that will see it launch four new sports cars.

Chief executive Danny Bahar signed the agreement with a sindicate of six financial institutions in Malaysia.

The six financial institutions acting as lenders are CIMB Bank, Malayan Banking Berhad, Overseas-Chinese Banking Corporation Limited, Export-Import Bank of Malaysia Berhad, Affin Bank Berhad and EON Bank Berhad.

The loan syndication forms part of the funding required to execute the five year business plan.

With the closing of the syndication exercise, the external portion of the funding is now in place and, together with other financial resources, this step means that Lotus has successfully raised the required funding to realise the future plans, said the carmaker.

Bahar added: “With the help of this external financing, we look forward to introducing our exciting new models to the world which will complement our current product range.

"I am confident that the execution of our business plan will mark the return of the iconic Lotus brand into the elite ranks of the world’s premium sportscar manufacturers and generate greater profitability and long-term financial sustainability for the company and its stakeholders”

He thanked the financial institutions and shareholder Proton.