| Billionaire businessman Lawrence Stroll is leading a consortium leading a rescue bid for Aston Martin.
The consortium is investing £182m of the £500m emergency funding Aston Martin is aiming to raise.
Stroll partly owns the Racing Point Formula 1 team, which will be rebranded Aston Martin as part of the deal.
The investment buys the consortium a 20 per cent share of Aston Martin, with Stroll installed as executive chairman. Penny Hughes will step down as chairman once the deal is complete.
She said: “The difficult trading performance in 2019 resulted in severe pressure on liquidity which has left the company with no alternative but to seek substantial additional equity financing.
“Without this, the balance sheet is not robust enough to support the operations of the group.
“Notwithstanding recent weak trading, the strength of the Aston Martin brand and our expanding portfolio of cars has allowed us to attract a strong new partner in Mr Stroll to support the turnaround of the business.” |
