breaking news

BREAKING NEWS

today is Dec 02, 2021

New Aston Martin F1 factory - artist's impression

Aston Martin F1 team owner Lawrence Stroll is raising £250 million through a bond issue to pay for the expansion of its factory.

The team formally broke ground on the massive extension to its existing premises in September. The new facility will cover 37,000 square metres and is expected to cost between £150 and 200 million to build.

The £100 bonds to raise capital for it will be issued over a five-year period and pay a rate of 7%.

Stroll promised his team will have “the newest, state-of-the-art facility” once work is completed by the beginning of 2023.

Aston Martin’s plans for its factory on Dadford Road in Silverstone include the construction of a new wind tunnel and simulator. The existing premises will be expanded by the addition of two new buildings.

“I am delighted that we will be issuing a bond through the London Stock Exchange to raise additional funding for the development and construction of our new Formula 1 campus,” said Stroll.

“We are excited by the chance to offer investors, and most importantly Formula 1 fans, the opportunity to be a part of Aston Martin Cognizant Formula 1 Team’s journey and participate in our ultimate ambitions – to achieve world championship success and advance the value creation of the team.”

Aston Martin has also embarked on an ambitious recruitment drive. It recently appointed former McLaren team principal Martin Whitmarsh as its group CEO after attracting several major hires from rival teams.

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