Company proceeds to wind down operations
October 9th, 2007 - Kenilworth, UK. Marcos Engineering Limited ("Marcos, the Company") today announced that it has
entered Administration with a view to completion of existing work in progress. Marcos' plan of dissolution will see the
Company wind up its ongoing business activities, sell its assets and distribute proceeds and beneficial interests to
shareholders and creditors as soon as practicable.
In reaching this decision the Company considered a number of factors including the Company's current and future
strategic and market opportunities and business prospects, limits on new capital from outside sources, increasing
cost of ongoing capital and prevailing economic conditions.
Marcos was founded in 1959 and went into receivership in 2000. The Company was restarted in 2002, conducting business
as an independent supplier of a new high performance family of hand built lightweight sports cars that provide a uniquely
exhilarating driving experience. Despite mounting competition from companies with substantially greater financial,
technical, distribution and marketing resources Marcos continued to develop its sports cars that received international
acclaim.
As the cost of capital continued to climb and the potential for profit faded, the Company's Board and management took
steps to minimize product and operational costs while they investigated various strategic opportunities and engaged in
discussions regarding lower cost distribution, alternate manufacturing and external capital transactions with potential
business partners. After reviewing Marcos's business prospects and potential opportunities, the Company came to the
conclusion that Administration of the Company would have the highest probability of returning the greatest value to its
shareholders and creditors.
“Regrettably, despite the extraordinary efforts of our employees, suppliers and dealers, we simply could not
attain a profit point, reduce our cost base or raise the necessary capital to sustain the business”, said Tony
Stelliga, Managing Director. “My sincerest gratitude goes out to everyone that worked relentlessly to revive the
Great British Sports Car Company one final time”.
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