YFM Group deal with Tygan
Pic by Jay Williams 07770 576076
Pic shows the Tygan Speedster, built in Beaminster, Dorset.
Tygan Motor Company, which produces replicas of celebrated Porsche sports cars of the 1950s, has secured finance from the YFM Group-managed South West Ventures Fund. The investment will be used to expand the company’s sales and marketing operation, to increase R&D to meet new European regulations and to increase stock.
The Tygan marque was launched at the prestigious Goodwood Festival of Speed last year with the Speedster 356 and was given the seal of approval by Porsche itself. The Beaminster based business has a growing order book and is on track to meet sales targets for 2008.
From 2009 Tygan will be offering a second model, the 550 Spyder, derived from the famous racing Porsche that competed in the Le Mans 24 Hours and the Mille Miglia.
Both designs are based on the running gear of the original Volkswagen Beetle. Tygan engineers use an original VW body shell for donor parts, including the chassis which is shortened, shot-blasted and refinished to accept new VW Beetle parts, including the engine, gearbox and suspension.
A GRP (glass reinforced plastic) body shell, identical in shape and form to the original Porsche models, is mounted on a steel sub-chassis and fitted over the chassis. The car, badged Tygan, is then hand built to the customer’s satisfaction by skilled craftsmen, painted in a new paint plant and delivered with a 12 months return-to-factory warranty.
Investment from South West Ventures Fund will allow Tygan to anticipate planned emissions requirements for ‘new build’ cars, particularly in the EU market. From next year standards will be met only by engines with catalytic converters and fuel injection so Tygan is currently evaluating a new engine which already meets the strict Californian regulations. From 2010, it is likely that ABS brakes will be mandatory and this issue is also being addressed.
A six-strong dealer network has been established in the UK and it is intended that this will be expanded into Europe in 2009 to cover the Mediterranean markets of France, Spain, Italy and Portugal. On the promotional front, Tygan is currently under contract to supply a Speedster 356 for use by Yorkshire TV in its productions of Heartbeat and The Royal.
Graham Lee, Chairman of Tygan Motor Company Ltd, said: “We believe we can generate significant interest in the UK and Europe in our cars. The investment from South West Ventures Fund will help us increase our production to 120 cars in 2009 and the business plan for 2011 is based on sales of 200 cars – an achievable and realistic target given the potential market in Europe.”
Julian Dennard, Senior Investment Manager at YFM Group, managers of the South West Ventures Fund, added: "Tygan has a growing order book and sales pipeline for these cars, which catch the eye and the imagination. The marketing analysis suggests that the company has a bright future as a niche automotive manufacturer selling a luxury product to high net worth individuals.