That lap time was rather clumsy around the Top Gear test track, but I blame the transmission reliability. Higher-torque transmissions can lead to a much better lap time. This car couldn't handle more than 350 horsepower period. But the engine was said to be capable of over 500. Part of why many people do not trust a British car, especially a V8 supercar not named Aston Martin. The TVRs from this car's era... those are all widowmakers -- more like the British Viper/911 GT2.
Regardless of its flaws, it was a supercar, and an entry-level one at that. It was almost certainly a competitor to the Ferrari F355 and the Porsche 911 Carrera RS 3.8. It was cheaper though.