Prodrive’s Aston Martin deal is great news for Warwickshire
Today’s announcement by motor giant Ford that it is selling Aston Martin to Prodrive has been welcomed as great news for Warwickshire.
Cllr Chris Saint, Warwickshire County Council’s Portfolio Holder for Economic Development, says today’s announcement secures future investment in the motor industry and motor sport in the Midlands for many years to come.
He said: “Prodrive has a base at Fen End near Kenilworth in Warwickshire, and is an expanding company. The news today that they are to purchase Warwickshire-based Aston Martin has to be good for the local industry.
“It not only brings Aston Martin back into British ownership, but also offers many opportunities for small companies to invest and grow in Warwickshire. It has secured the jobs for Warwickshire people and it shows recognition for the high-level skills and talent in this area.”
It was today announced that Prodrive, with support from Kuwati investors, have purchased Aston Martin for £470m.
Warwickshire County Council has worked closely with Aston Martin since its move to Gaydon in Warwickshire and is delighted with its success and will continue to work with them and Prodrive.
Cllr Saint added: “This great news demonstrates that Warwickshire is at the heart of the high value added Motorsport cluster.”
Prodrive’s ambition to invest in Warwickshire is proven with a planning application currently being considered to expand the Fen End site to provide the base for a Formula 1 team to compete in the 2008 Formula 1 Grand Prix.
Dave Richards, head of UK performance car firm Prodrive, who is making his investment in a personal capacity, is a former accountant who became a professional rally driver, and has been described as the ‘Richard Branson of motorsport’.
He said: "This is an incredible opportunity - Aston Martin is one of the world’s most iconic brands.
"We are confident we now have all the right ingredients to take Aston Martin to even greater heights."
Ford bought 75% of Aston Martin’s shares in 1987, buying the rest later, and as part of the sale deal will hold onto a small share.
Also in the consortium is John Sinders, a banker in finance and shipping who spends his time between Texas and Dubai. Two Kuwaiti companies - Investment Dar and Adeem Investment - complete the group.
Six months ago Ford put the marque back up for sale as a part in response to its financial problems. Ford lost more than $12bn in 2006, and has had to take out a $23bn mortgage to cover its restructuring.
Prodrive already runs the Aston Martin racing team in the sports car series around the world, as well as the Subaru world rally team.
Aston Martin chief executive Ulrich Bez said the partnership was ‘a tremendously exciting opportunity’.
He said: "It is a new beginning which will give the company the opportunity to attain an even higher level of excellence.
"This next stage in the company’s history promises to be the most exciting yet."