The company that bought Saab is selling its luxury sports car business to a coachbuilder in the West Midlands, backed by a billionaire Russian banker.

CPP Global Holdings is paying £27 million for Dutch car maker Spyker, which shocked the business world when it bought the failing Saab business from General Motors last year in a £47m deal.

Since then, Spyker has started to turn the Swedish car maker around, doubling sales in the last three months of 2010.

Saab now says that it intends to sell 80,000 cars this year and return to profitability.

As a result, Spyker has now decided to sell off its hand-built sports car business.

The company has been snapped up by CPP, which already builds Spyker’s C8 Aileron flagship at a purpose-built plant in Coventry.

“This transaction will allow Spyker Cars NV to focus on the Saab Automobile business exclusively, will eliminate the requirement for us to make further capital investment in the Spyker business and will reduce our debt,” said Spyker chairman Hans Hugenholtz.

CPP founder and managing director Brendan O’Toole has built up his Coventry business to employ 250 people over the last 16 years.

For the past two years, he has had the backing of Russian banker and businessman Vladimir Antonov. Mr Antonov used to be a part-owner of Spyker but was forced out last year by General Motors as a condition of its sale of a Saab.

It followed allegations that his family were involved with organised crime and money laundering.

Mr Antonov strongly denied the allegations and later announced that he had hired private investigators in order to clear his name.

He said today: “We are convinced that Spyker will flourish within the CPP Group.

“We are delighted to be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK.”

Mr O’Toole said: “This acquisition is very positive news for everyone connected to Spyker. We’re absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.

“The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development,” Mr O’Toole added.

“Production of the new Spyker flagship supercar, the C8 Aileron, is progressing well, and we are ramping up production of customer cars at our new purpose-built facility in Coventry.

“We have well-developed plans to expand the product range further, and the future for the Spyker brand is incredibly exciting.”