Spyker Cars has just announced it is selling itself – or at least the sports car brand ‘Spyker’ – to top-shelf coachbuilding company CPP Global Holdings Ltd in the UK to concentrate on Saab vehicles.
Spyker bought Saab out of debt in January 2010 off General Motors, but now it sees Saab as such a high-priority opportunity that the company is planning to sell off its founding sports car brand to make sure Saab re-enters the market on the leading foot.
CPP Global Holdings Ltd used to supply chassis and body components to Spyker back in 2000, so it’s not like the company doesn’t know anything about Spyker. CPP Global has apparently already paid 15 million euro ($20,480,000) for the first slice of the deal and will continue to pay off a further 17 million euro over the next six years.
It does seem like a good time for Spyker to sell, especially as the company is getting ready to finish up Spyker C8 Aileron production. This will allow CPP Global to launch the brand with an all-new model of its own.
But what about Spyker, will it be no more? According to reports, the Spyker-branded cars will be renamed during May this year. But as for Spkyer’s original founder, Victor Muller, who has been quoted as calling the Spyker business as his “baby”, he sees the transition as a necessary move to help Saab make a substantial impact on the market in the future.
Muller spoke about his priorities at a conference yesterday, saying that selling Spyker will allow Saab to “spread its wings without being restricted by the capital structure” of the specialist sports car brand.