Midland manufacturer CPP is in negotiations to buy Dutch luxury sportscar company Spyker Cars in a deal worth around £27 million.
The Coventry-based firm has signed a memorandum of understanding with the company to acquire its assets in a 32 million euros agreement.
Full production of the Spyker C8 Aileron had already been moved from Holland to Coventry but this latest move means full ownership of the company could transfer to CPP if the deal goes through.
Brendan O’Toole, managing director of CPP Global Holdings, said: “This acquisition will be very positive news for everyone connected with Spyker. We’re absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.
“The management of the company has very exciting plans for Spyker and the brand is entering a period of major developments.
“We are ramping up production of customer cars at our new purpose-built facility in Coventry and we have well developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting.”
He added: “This could be great news for the city and really is a positive move for the automotive industry in Coventry. It will also mean more manufacturing jobs being created here.
“Last week we announced we were looking to take on 40 new staff in all areas of the business and hopefully this will lead to more new jobs in the long term.”