[Steve]

This should be pretty interesting for our petrol heads...

Luxury car business Aston Martin could be sold to a British company in the next few days by current owner Ford.

The buyer is tipped to be a consortium led by Dave Richards, head of the performance car specialists Prodrive, based in Banbury in Oxfordshire. The price tag is likely to be between £400m and £500m ($770m to $965m).

Ford bought 75% of Aston Martin - best known for being James Bond's favourite car - in 1987, picking up the rest of the marque's shares six years later. The American giant put Aston Martin up for sale six months ago, with a price tag of £1bn, in response to its own financial problems. Ford lost more than $12bn last year and has had to take out a $23bn mortgage to cover its restructuring.

Access to technology

"They're laying off tens of thousands of workers and closing plants in North America so raising $1bn by selling Aston Martin is a quick hit for them to keep their shareholders happy", according to David Bailey, Professor of Economic Policy and International Business at Birmingham University.

While Ford is now only likely to get half the amount it was looking for, it is expected to retain a minority stake in the business. If Ford was to keep some shares, it would also help the buyers retain access to the technology that drives the current models.

Dave Richards is a former accountant who became a professional rally driver, winning the World Rally Championship in 1981. His company, Prodrive, already runs the Aston Martin racing team in the World Sports Car series as well as the Subaru world rally team. It is due to enter Formula One racing next year and there has been speculation that the cars may now be Aston Martin branded.

The financial backing for the potential deal is understood to come from Egypt's Naeem investment bank.

Source: BBC

[stepheno]

I hope it works out. Now all we need is a British company to buy back Jaguar.

[Dave]

Imagine a Pro Drive Aston ...now that would be impressive

[Steve]

I have just seen this on the BBC…

Luxury car firm Aston Martin is heading back to British hands after being sold to a UK-led group for £479m ($924m).

The consortium buying the marque from Ford is headed by Dave Richards of performance car firm Prodrive, and is backed by Kuwaiti investors. The sale of the firm behind James Bond's favourite car comes as Ford tackles its own financial woes, though the group is holding onto a £40m stake. Ford bought 75% of Aston Martin's shares in 1987, buying the rest later.

Aston Martin will remain at its purpose-built factory in Gaydon in Warwickshire, which employs 1,800 people.

'Incredible opportunity'
Mr Richards, who is making his investment in a personal capacity, is a former accountant who became a professional rally driver and has been described as the "Richard Branson of motorsport".
"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."

Also in the consortium is John Sinders, a banker in finance and shipping who spends his time between Texas and Dubai. An Aston Martin owner with a great affection for the brand on both road and track, he 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."
Two Kuwaiti companies - Investment Dar and Adeem Investment - complete the group.

'Tremendously exciting'
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. "This next stage in the company's history promises to be the most exciting yet."

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. It said the sale was good news for both Ford and Aston Martin.

Mr Richards won the World Rally Championship as co-driver with Ari Vatanen in 1981. Prodrive already runs the Aston Martin racing team in the sports car series around the world, as well as the Subaru world rally team.

So that’s Aston Martin back with British owners