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Bankruptcy Hits Jenson Button’s Radford Motors
In a surprising turn of events, Radford Motors, the sports car company co-founded by Formula 1 champion Jenson Button and TV presenter Ant Anstead, has announced plans to file for bankruptcy under Chapter 11. The company, known for its limited-production coach-built cars like the Lotus Evora-based Type 62-2, struggles just three years into its journey.
Dan Bednarski, CFO and COO of Radford’s parent company, Finest Coachbuilding LLC, stated, “Radford Motors is undergoing a Chapter 11 business restructuring aimed at reinforcing our foundation for the future. During this process, we anticipate certain transitions in ownership, which is a crucial step in our evolution. These changes are designed to pave the way for new investments and highlight our commitment to sustained growth. We are excited about what lies ahead and remain focused on continuing operations with newfound energy and purpose.”
While this might sound optimistic, it raises concerns about the financial health of Radford. Bednarski’s comments about expected ownership changes and new funding lead to speculation regarding the future roles of Button and Anstead in the company as it seeks new investors.
Just last year, Radford Motors was riding high, selling its Type 62-2 Track Edition for $1 million each. Only 12 units were produced, each offering customized specifications and race training sessions with Button and Tanner Foust. Equipped with a supercharged V6 engine generating up to 710 horsepower, the vehicle’s lightweight 2,160-pound design drew significant interest from affluent buyers. Although it’s unclear how many were sold, the allure of ultra-exclusive track cars typically attracts wealthy clientele.
Despite its apparent issues, the Type 62-2 boasts an appealing design reminiscent of classic Lotus and modern high-performance vehicles like the Koenigsegg Regera and Ford GT40. Radford’s fall into bankruptcy is disappointing, especially in an era where companies like Singer and Icon demonstrate a thriving market for high-end, modified enthusiast cars. The hope is that this restructuring can lead Radford Motors back to its core mission of building enticing cars, with a stronger and more sustainable future ahead.
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