FW: Newsletter - Marcos Engineering
2007-10-11 by McLeod, Ronald
Maniacs . . . I guess Tony Stelliga has found out how to make a small fortune in the car business - start with a large fortune. Regards . . . Ron McLeod Marcos Mantis P8-5858 Marcos GT 3V-5642 ________________________________
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From: Marcos Engineering [mailto:newsletter@...]
Sent: Thursday, October 11, 2007 2:31 AM
To: McLeod, Ronald
Subject: Newsletter
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Marcos Engineering Appoints Administrator
Company proceeds to wind down operations
October 9th, 2007 - Kenilworth, UK. 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".
www.marcos-eng.com
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Marcos Engineering | Kenilworth | Warwickshire | United Kingdom
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