The start-up manufacturer of the brilliant Zenos E10 has gone into administration, blaming a “recent downturn in trade” for its misfortunes.
Norfolk-based Zenos employs more than 20 employees and was originally founded by ex-Caterham and Lotus employees Ansar Ali and Mark Edwards.
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“Zenos Cars Limited has appointed Irvin Cohen and Gary Shankland of Begbies Traynor (London) LLP as joint administrators of the company, following a recent downturn in trade,” explains the firm in a release earlier today.
“The appointment was made by the board of directors of the company on 16 January 2017 after cancelled export orders in late 2016 resulted in a shortfall in funding, forcing the business to cease trading.”
The carmaker’s managing director, Mark Edwards, said: “It is with great disappointment that the board has had to take this step.
“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.”
The company offered no-thrills sports car available from as little as £24,995 – and even offered tempting finance packages for its line-up.
When Motoring Research drove the Zenos E10 S in 2015, we awarded it five stars, concluding: “It’s brilliant to drive, exciting to look at and sit in, wonderfully purist and pleasingly modern.”
The administrators have said they’re not giving up hope that a buyer can be found.
“We are currently open to speaking with parties interested in securing a future for the business and would request that any enquiries are made directly with our London office,” said Gary Shankland, joint administrator and partner at Begbies Traynor.