Welsh Government will not underwrite Circuit of Wales private investment
A spokesperson for TVR has said that the uncertainty surrounding the multi-million pound Circuit of Wales development does not threaten the auto brands commitment to manufacturing its vehicles in a South Wales production plant.
The development of the £400m Circuit of Wales in Ebbw Vale took a hit last week when the Welsh Government said it could not 100% guarantee government investment or underwrite the project, which has already gained a significant amount of private funding, including from the British insurance provider Aviva.
The Circuit of Wales would create 6,000 jobs within the area and would see the creation of a state-of-the-art racing circuit, suitable as a hosting venue for some of the most prestigious international motorsport events. The British Motorcycle Grand Prix has already pledged support and said it would race there from 2018.
The racetrack would also be home to a new luxury hotel, and see the further addition of a nearby automotive business park, where TVR was to build its new manufacturing plant.
The Welsh Government has until now invested £9m into the circuit but its recent declaration has cast the whole project into uncertainty. The Heads of Valleys Development Company (HoVDC), the company developing the circuit, said that, despite the setback, it will approach the government with “revised terms”.
In response to the negative news, TVR has said its decision to manufacturer in south Wales has not been affected, but its new production plant might not necessarily be located in Ebbw Vale.
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