Zenos Cars, one of the region’s sportscar makers, has gone into administration.
The news was announced via a company statement, which quoted a “recent downturn in trade” as the primary reason for their downfall.
The statement also said cancelled export orders in late 2016 “resulted in a shortfall in funding, forcing the business to cease trading.”
Managing Director Mark Edwards told Auto Express that it was with “great disappointment that the board has had to take this step.”
He said: “We still believe that our products offer unrivalled affordable fun and we have already made very good progress in developing the next product in our strategy”.
Zenos Cars, based in Norfolk, was set up in 2012 as a joint venture between former Caterham and Lotus engineers Edwards and Ansar Ali, but Ali left the company to join McLaren in 2015, leaving Edwards in sole charge.
The company made small sportscars such as the E10 S, which was renowned for its simplicity and recently featured on BBC’s Top Gear and Amazon Prime’s The Grand Tour.
A pop-up on their website reads: “Irvin Milton Cohen and Gary Paul Shankland, both of Begbies Traynor, London […] were appointed as Joint Administrators of the Company on 16 January 2017.
“[Zenos Cars’] affairs, business and property are being managed by the Joint Administrators, who act as the Company’s agents and without personal liability.”
It is understood that the administrators, Begbies Traynor, have been appointed to look for a new owner for the business, and are “currently open to speaking with parties interested in securing a future for the business”.