Lotus brush off Proton sale fears

British car manufacturer Lotus has moved to quash fears over the company's future after the Malaysian government sold its majority stake in parent company, Proton.

The Norfolk-based company made a pre-tax loss of £26.1 million to March 2011 but plans had been put in place to turn it around. Proton had promised a £200 million plan that would transform the struggling manufacturer from a specialist brand into a British rival to Ferrari and Lamborghini by 2014, creating hundreds of jobs in the process.

Lotus has insisted that the sale does not affect its plans to implement the changes to its business. However, Malaysian conglomerate DRB-Hicom Berhad, which has bought Proton, said it was undecided as regards selling loss-making Lotus.

A Group Lotus spokesman insisted that its plans remain unchanged and that it is business as usual for the manufacturer.

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