Beleaguered sports car firm TVR has been bought by its previous owner after going into administration and jeopardising 300 jobs at the end of last year.
The Blackpool-based company was bought back by former owner Russian tycoon Nikolai Smolenski, a move that has sparked fury among union members.
Andy Robertson, regional organiser for the Transport and General Workers Union (T&G), said: “If this means that manufacturing is taken out of Blackpool it will be a disaster for the area. It is absurd that the previous owner, who allowed it to go into administration, is now once again the owner.
“The government should not allow this practice to take place. The workforce will be extremely angry and disappointed that Smolenski has been able to walk away unscathed while they have suffered so much.”
In a statement, joint TVR administrators Philip Long, Kerry Bailey and Matthew Gibson said they were confident they had achieved “the best possible price in the circumstances”.
“Ultimately, Smolenski’s company came in with the highest offer,” the statement said.
Smolenski originally bought TVR for £15m in 2004.