Arrangements for the planned £10.4m government funding support for sports car maker Lotus have been put on hold,while its new owner makes a decision on its future.

Lotus were approved for regional growth funding in October 2011, when its then owner Proton announced plans to create 1,000 jobs.

Norman Lamb business minister has commented that the funding was on hold, but the government was still committed to Lotus, the government and my department are monitoring the situation.At present Lotus said it did not wish to comment on these developments.

An interesting development is that on Saturday the investment firm Genii Capital was looking over Lotus company books they are considering whether to make an offer to buy it from DRB-Hircom.