Can I thank the Member for his questions and say that the car received, importantly, a commercial and critical success? The reception was quite astonishing at Goodwood in the autumn when it was unveiled. It's a remarkable machine. The design incorporates unique and cutting-edge elements of automotive design by Gordon Murray, who himself is well known to automotive experts as being one of the best designers anywhere on the planet. His contribution to the vehicle, I think, has made it an immediate success in terms of orders. The order book is extremely healthy. I would encourage Members to take the opportunity to visit the car when we have the Welsh launch.

In terms of the conditions that have been attached to the loan and the equity stake, I think the Member raised an important point about the repayable element of the finance that we've offered. It's not correct that Welsh Government has said that the £2 million is non-repayable. The £2 million is fully repayable. The loan will last for a five-year period. It became active in March 2016. However, if they don't bring—. I think where some of the confusion has been created is that there was a condition in the support stating that, if they didn't bring manufacturing to Wales then we could demand immediate repayment of that loan. As a consequence of us not demanding immediate repayment of that loan, I think it's been viewed wrongly as Welsh Government saying that the loan needn't be repaid. The fact is: it will be repaid.

In terms of the equity stake that we've taken in the company, again, that is protected because we can require the company to buy back at the greater of the market price or the original cost the equity that we've taken in the company. But, as I said earlier, the car has received an incredible reception at launch, the order book is very healthy indeed, the market for this type of vehicle is buoyant globally, and I believe that the car will be a huge success. It resurrects one of the most popular British automotive brands in our history, and the orders that were taken at Goodwood in particular showed that, when people see the vehicle in the flesh, people respond by handing over cheques.

Now, in terms of the benefits of the scheme and the time frame moving forward, TVR identified that a privately owned building at the Rassau industrial estate offered the best option for their manufacturing and, as a consequence, Welsh Government officials spent many months negotiating with the private owners to secure that building. Having completed that agreement, lawyers for both Welsh Government and for TVR are finalising an agreement for lease. In the meantime, we are pleased that TVR are negotiating to take a short-term lease on a small factory nearby in order to complete the engineering development work, but they've also got an office at the works, which is where a small number of people are currently working on the project. Longer term, by quarter 2 of 2019, we aim to have TVR manufacturing the vehicle for sale next year. At that point, we also expect a considerable number of people to be employed at the site—over 100 people. This will be hugely important to Blaenau Gwent, not just in terms of the employment offer, but also in terms of reshaping perceptions and giving that area huge confidence.