AC Cars back on track

British sports car manufacturer AC Cars has been saved by Maltese-based holding company AC Motor Holdings Limited. Some production will also shift to Malta.
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British sports car manufacturer AC Cars has been saved by Maltese-based holding company AC Motor Holdings Limited. Some production will also shift to Malta.

CARtoday.com reported in June that AC Cars would be restructured for the second time in six years following the injection of additional funds. Creditors of AC Cars, Britain’s oldest surviving car manufacturer founded 100 years ago, decided that the company would be relaunched with "substantial" additional funding next month.

The new operation, AC Motor Holdings Limited, will be financed by a long-term loan from Volkswagen Financial Services Australia, reported this week.

AC Car Group Ltd went into receivership in May. But after restructuring of the company, its former managing director, South African Alan Lubinsky, will head up AC Motor Holdings Limited.

Production of the Mark III model, the descendant of the original Cobra, will continue at AC’s Camberley factory in Surrey, England. But production of the new Mamba, the CRS V8 and Ace models will take place in Malta, “to save money”, said.