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Aston Martin sold to UK-led group Aston Martin sold to UK-led group
(about 2 hours later)
Luxury car firm Aston Martin is heading back into British hands after being sold by Ford for £479m ($924m).Luxury car firm Aston Martin is heading back into British hands after being sold by Ford for £479m ($924m).
Oxford-based Dave Richards, boss of motorsport firm Prodrive, is heading the UK-led consortium buying Aston. Kuwaiti investors are also involved.Oxford-based Dave Richards, boss of motorsport firm Prodrive, is heading the UK-led consortium buying Aston. Kuwaiti investors are also involved.
Ford is selling off the marque - made famous by James Bond - as it tackles its own financial woes, but the group is holding onto a £40m stake.Ford is selling off the marque - made famous by James Bond - as it tackles its own financial woes, but the group is holding onto a £40m stake.
Ford bought a 75% stake in Aston Martin in 1987, and bought the rest later.Ford bought a 75% stake in Aston Martin in 1987, and bought the rest later.
Aston Martin will remain at its purpose-built factory in Gaydon in Warwickshire, which employs 1,800 people.Aston Martin will remain at its purpose-built factory in Gaydon in Warwickshire, which employs 1,800 people.
'Incredible opportunity''Incredible opportunity'
This next stage in the company's history promises to be the most exciting yet Ulrich Bez Aston Martin chief executive In pictures: Car firm's history This next stage in the company's history promises to be the most exciting yet Ulrich Bez Aston Martin chief executive In pictures: Car firm's history class="" href="/1/hi/wales/6442901.stm">Profile: David Richards
Mr Richards - who is making his investment in a personal capacity - is a former accountant who was a co-driver in professional car rallies and has been described as the "Richard Branson of motorsport".Mr Richards - who is making his investment in a personal capacity - is a former accountant who was a co-driver in professional car rallies and has been described as the "Richard Branson of motorsport".
His company Prodrive already runs the Aston Martin racing team in the sports car series around the world, as well as the Subaru world rally team.His company Prodrive already runs the Aston Martin racing team in the sports car series around the world, as well as the Subaru world rally team.
"This is an incredible opportunity - Aston Martin is one of the world's most iconic brands," he said."This is an incredible opportunity - Aston Martin is one of the world's most iconic brands," he said.
"We are confident we now have all the right ingredients to take Aston Martin to even greater heights.""We are confident we now have all the right ingredients to take Aston Martin to even greater heights."
Also in the consortium is John Sinders, a banker in finance and shipping who spends his time between Texas and Dubai.Also in the consortium is John Sinders, a banker in finance and shipping who spends his time between Texas and Dubai.
"The dream for me was to own an Aston Martin, never to own part of the company. It's a dream come true," Mr Sinders told the BBC."The dream for me was to own an Aston Martin, never to own part of the company. It's a dream come true," Mr Sinders told the BBC.
Two Kuwaiti companies - Investment Dar and Adeem Investment - complete the group.Two Kuwaiti companies - Investment Dar and Adeem Investment - complete the group.
ASTON MARTIN HISTORY 1913: Founded by Lionel Martin and Robert Bamford1975: Sold to American owners1987: Ford buys 75% stake1994: Ford takes full control2005: Record 4,500 sales2006 - Ford puts Aston Martin up for sale with price tag of $1bn2007: Sold by Ford to a UK-led consortiumASTON MARTIN HISTORY 1913: Founded by Lionel Martin and Robert Bamford1975: Sold to American owners1987: Ford buys 75% stake1994: Ford takes full control2005: Record 4,500 sales2006 - Ford puts Aston Martin up for sale with price tag of $1bn2007: Sold by Ford to a UK-led consortium
'Tremendously exciting''Tremendously exciting'
Aston Martin chief executive Ulrich Bez said the partnership was "a tremendously exciting opportunity".Aston Martin chief executive Ulrich Bez said the partnership was "a tremendously exciting opportunity".
"It is a new beginning which will give the company the opportunity to attain an even higher level of excellence," he said."It is a new beginning which will give the company the opportunity to attain an even higher level of excellence," he said.
"This next stage in the company's history promises to be the most exciting yet.""This next stage in the company's history promises to be the most exciting yet."
Mr Richards' consortium also said that earlier speculation that Prodrive may brand its cars Aston Martin when it enters Formula One racing next year was completely unfounded.Mr Richards' consortium also said that earlier speculation that Prodrive may brand its cars Aston Martin when it enters Formula One racing next year was completely unfounded.
Analysts have said that the greatest challenge for the new owners will be whether they have deep enough pockets to fund the car models needed to keep the business competitive against its top-end rivals.Analysts have said that the greatest challenge for the new owners will be whether they have deep enough pockets to fund the car models needed to keep the business competitive against its top-end rivals.
Six months ago Ford put the marque back up for sale in response to its financial problems.Six months ago Ford put the marque back up for sale 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.Ford lost more than $12bn in 2006, and has had to take out a $23bn mortgage to cover its restructuring.
It said the sale was "good news" for both Ford and Aston Martin.It said the sale was "good news" for both Ford and Aston Martin.


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