ONE of the world’s rarest cars has been sent to a North-East workshop to be restored.

The 97-year-old Alldays and Onions four-cylinder open-topped tourer is being put back as near as possible to its original condition by Dick Francis and Steve Layton at their Carrosserie works in Barnard Castle, County Durham.

And as work started on it they revealed that the credit crunch is giving their business a boost, with some wealthy people putting money into vintage vehicles rather than other investments.

The car is one of only four of its kind left in the world, and one of 25 of various types which still exist from a range made by Alldays and Onions, in Birmingham, between 1904 and 1915.

Mr Layton said: “We have been busy for the past few years, but the recession has brought us even more business. Investors know that if they put their cash into special cars like this they are certain to increase in value.”

The tourer’s owner, Richard Dover, would not reveal the exact price he paid for it 18 months ago, but said it was “tens of thousands of pounds”.

He added: “Its value has doubled since then due to the credit crunch.

More people are putting their money into old cars as well as jewellery and antiques so the value has risen sharply.”

It lay in bits in South Africa for years before someone bought it and tried to rebuild it.

It was eventually sent back to Britain and had several owners before being bought by Mr Dover, a medical supplier based in Glasgow.

Mr Francis said: “We have worked on many Rolls-Royces, Bentleys and sports cars, but this is one of the rarest we have had. It is the sort family doctors drove at a sedate pace in the Edwardian era. It will look wonderful once we have done the work.”

Mr Dover added: “It has a top speed of 40mph downhill. It is best at about 25mph, but some people find it too frightening to travel in. I am looking forward to seeing it done up nicely and driving it in rallies.

“Driving it is seriously mind-bending.

Starting it is complicated enough, but then you have to contend with the sheer panic of getting in and getting moving without stalling.”

It is being fitted with an ash body frame. This will be skimmed with aluminium and new curved seats will be made with leather. It has a 12-horsepower engine which has to be started with a cranking handle.

Both the handbrake and gearstick are on the outside of the vehicle.