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Restormel: Cornwall to be home of new sports-car maker

Adrenaline Motorsport, a company specialising in making state-of-the art sports cars, has made its home in Newquay thanks to a £115,000 investment part funded by Finance Cornwall.


Finance Cornwall worked alongside the South West Investment Group to enable Neil Yates and his partners, Martyn Sutherland and Tom Taylor, to realise their dream of bringing car production to Cornwall.

The first car, currently codenamed AMS 1, is due to be unveiled at the Newark Car show in June. It will utilize the running gear of the Subaru Impreza (6 times winner of the World Rally Championship) and will be a four wheel drive, 260 brake horsepower two seater sports car.

Neil Yates, managing director of Adrenaline Motorsport said: “We looked at other places around the UK to base the business but found the support offered to us in Cornwall was exceptional. Finance Cornwall worked well with our other partners and business advisers, and we’re delighted to be bringing high performance car manufacturing to Cornwall.”

Talking about the new car, Neil said: “We wanted to design an alternative to the traditional production mainstays, such as the Mazda MX5 and Audi TT. Offering a Subaru based vehicle is currently a unique proposition in the kit car market, which is still dominated by minimalist sports cars like the Caterham 7, and replicas of traditional performance icons such as the AC Cobra.

“Instead of this, we will be offering a contemporary design with turbo charged four wheel drive underpinnings, giving buyers the chance to get something truly different. It will appeal not only to those who wish to build their own, but also to people who want something different than the mass produced sports cars.”

Customers will be able to purchase a kit of parts which, when combined with an Impreza donor vehicle (which can also be sourced by Adrenaline), will allow them to build their own car. Alternatively, the company will build ready to drive fully built cars to the precise specification of a customer - including an option of up to 350 horsepower. The cars will sell either as a complete turn-key vehicle starting at £19,000 or as a comprehensive kit of parts for the homebuilder from £9,000.

Neil continued: “We can supply a fully trimmed vehicle complete with hood or hard top that’s designed as a viable everyday transport. A car like that will be based on a 260 horsepower donor vehicle ensuring that performance will be blistering whilst still offering practicality. Alternatively we can also supply a fully stripped out lightweight vehicle designed for occasional road use as a second car, and to appeal to the rapidly growing track day and race market.”

Mike Wall, loan fund manager with Finance Cornwall said: “We are absolutely delighted to have helped bring car making to Cornwall. These cars are designed to be much more than just another kit car and Adrenaline Motorsport should be thought of as a low volume sports car manufacturer. It’s a high-technology business that will see Cornwall exporting top range cars to the rest of the UK and abroad.”

Finance Cornwall has invested £5.8 million in local businesses which has levered in a further £15.9 million to the Cornish economy, creating more than 330 new jobs and helping to safeguard over 700 more.

John Peters from South West Investment Group, who worked with Finance Cornwall on funding the project, said: “The existence of this niche manufacturing company in Cornwall will certainly help the local economy. It is an exciting project that will create new jobs within the county, as well as supporting existing businesses in the area through sub-contracting.”

Jason Knights, the inward investment manager at Cornwall Pure Business, who helped advise Adrenaline Motorsport on setting up in Cornwall, said: “This investment will be valuable to the county. The planned growth of the business will bring further cutting edge automotive design and production to Cornwall and generate long term employment opportunities. I am delighted that we were able to help Neil set-up his business here.”

Copy ends – March 20, 2006

Notes to editors:

• The kit car industry in Britain generates over £50 million per year, selling over 4500 kits and turn key vehicles per annum (an average of approximately £12k per transaction)
• Currently there are no high performance, four wheel drive sports cars in the market
• Performance of the entry level model: 0-62mph under 4 seconds, 260 bhp, 900kgs.
• Top specification: 350 bhp, 850kgs.

Photographs attached:
• burt9: Left to right: Mike Wall (Finance Cornwall), Neil Yates (Adrenaline Motorsport), John Peters (SWIG) and Jason Knights (Cornwall Pure Business).
• burt12: Left to right: Neil Yates, Mike Wall, John Peters and Jason Knights.
• Artist image: AMS 1

About Finance Cornwall:
Finance Cornwall is a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund.

Finance Cornwall’s funds are administered by Finance Cornwall Fund Managers Limited, which is authorised and regulated by the Financial Services Authority.
For more information visit www.financecornwall.co.uk

About the South West Investment Group
SWIG is a not-for-profit company established in 1989 with offices in Truro and Exeter aim is to help businesses that help the local economy. www.southwestinvestmentgroup.co.uk

About Cornwall Pure Business
Cornwall Pure Business is managed by Cornwall Enterprise, the county council's economic development service, and is designed as a red carpet service to target and attract inward investment in key sectors through a co-ordinated one stop service for businesses. The service brings together all marketing and support activity for inward investment to promote a clear and positive image of the county as a place to do business. www.cornwallpurebusiness.co.uk


For more information contact:
Neil Yates Stephen Gilbert
Adrenaline Motorsport PR for Finance Cornwall
01637 852 500 Deborah Clark & Associates
01872 276 276

Jason Knights John Peters
Inward Investment Manager Fund Manager
Cornwall Pure Business South West Investment Group
01872 322 814 01872 223 883