Local Businesses Encouraged By Aston Martin Takeover March 14

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Precision engineering and high tech companies in Warwickshire have reacted positively to reports that iconic car maker Aston Martin has been taken over by a consortium led by local entrepreneur David Richards, who has been dubbed as the ‘Richard Branson of motorsport‘.

Mr Richards is currently head of automotive engineering group Prodrive, and also has experience in formula one racing as team principle of Benetton and most recently BAR.

His consortium’s chief backers are Kuwaiti firms Investment Dar and Adeem Investments.

They acquired Aston Martin from Ford in a £479 million deal.

However, it is the news that the group has no intention of moving production of the car from its current base in Gaydon that has been especially welcomed by Warwickshire’s local businesses.

Mr Richard co-founded Prodrive in 1984, but sold 49 per cent of the company to Apax Partners in 1999.

He is also on the board of Warwick Business School - a position from which he can hopefully encourage Britain’s next generation of entrepreneurs - and additionally acts as vice president of BEN, the car industry’s benevolent fund.

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