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The cuts represent about 20% of the workforce at the factory which was bought by 24-year-old Russian millionaire Nikolai Smolensky in 2004.

The decision came after the firm made more car bodies than it had orders.

Shocked staff were given the news at the company's UK headquarters in Blackpool on Friday.

Iconic brand

Mr Smolensky, a friend of Chelsea FC owner Roman Abramovich, bought the iconic sportscar firm from motoring legend Peter Wheeler.

Most of the staff affected work in the body shop at the factory. They are skilled workers who up to this week had been working overtime.

Company spokesman Phil Jones said the decision had been a sad one to take but hoped that the staff who had been laid off would get their jobs back when more orders came in.

"Basically we have been overmanned in some departments and this decision is a commercial one," he said.

The company is expected to bring out two new models of sportscar next year and this is thought to have affected orders for its existing range.

Since it was acquired by Nikolai Smolensky, the company is also thought to be considering diversifying into other forms of fast transport, such as speedboats and motorboats.