Proton has given its Lotus sports brand a £40 million loan order for the Norfolk-based company to clear its debts.

The Malaysian car manufacturer is to convert the loan into further equity in Lotus.

Michael Kimberley, recently appointed as chief executive of Lotus has been charged with turning the company around in a five-year plan.

He hopes to revise Lotus’ product range and increase production to 8,000 units a year.