American group owns Aston Martin Lagonda

Press, 8 March 1984, Page 24

American group owns Aston Martin Lagonda

By

PETER GREENSLADE

An American group now owns Aston Martin Lagonda, Ltd, the British specialist car-maker. The group, Automotive Investments Inc., bought 55 per cent of Aston Martin Lagonda last July. Now it has acquired the rest of the shares from C.H. Industrials. The group has had an association with the British car manufacturer for some time, handling the distribution of Aston Martin and Lagonda cars in North America.

Since the American group became a shareholder in Aston Martin Lagonda last July, sales have trebled in the United States and Britain and production has increased by 60 per cent. Automotive Investments paid £833,500 for the remainder of the equity in Aston Martin Lagonda and at the same time C.H. In-

dustrials increased its shareholding in the specialist design and engineering company, Aston Martin Tickford, from 50 to 80 per cent.

Tickford was formed two years ago when it took over the design, engineering and coachbuilding aspects of Aston Martin Lagonda in order to offer those skills to a wider market within the world motor industry. It now employs more than 100 people and turnover will top £ 4 million this year.

Among its many operations is the conversion work for Jaguar for its new XJS Cabriolet and it has also produced a special version of the Ford Capri, among other cars.

Founded in 1913 as Bamford and Martin, it is one of the greatest names in the world of touring and competition cars. The name “Aston Martin” recalls the many successes it had in the Aston Clinton Hill Climb, which was quite a prestigous motoring event in the earlier days of British motor sport. The firm became Aston Martin Lagonda, Ltd, when it was taken over by David Brown, the British tractor magnate, in 1947. In 1975 the company went into voluntary liquidation and, was then taken over by a consortium, Aston Martin (1975), Ltd. In 1980 C.H. Industrials and Pace Petroleum acquired control of the company.

Victor Gauntlett, joint chairman with Mr T. Bearley, when the new company was formed in 1980, remains

executive chairman and when Automotive Investments bought the residual shares last month, he said: “This further expression of confidence by Automotive Investments is an important boost, enabling a wholehearted commitment to future investment and expansion.”

Now lovers of fine cars must be wondering whether British Leyland, Ltd, at the behest of its major shareholder, the British Government, will sell its Jaguar Cars division to the Americans also.

Rumours have been growing for some months now that General Motors has evinced interest in the British luxury and high-per-formance car-maker.