James Bond’s favourite carmaker Aston Martin bailed out by F1 tycoon in £500m rescue deal

JAMES Bond’s favourite carmaker Aston Martin has secured a £500million deal to rescue its licence to thrill.

The company, which has links to 007 going back to Goldfinger in 1964, will get a cash injection from F1 tycoon Lawrence Stroll.

James Bond’s legendary carmaker Aston Martin has secured a £500million rescue deal
Kobal Collection – Shutterstock

The Canadian billionaire, 60, will take over as chairman after buying £182million of shares through a consortium.

Another £318million will come from existing investors if they agree to stump up the money.

Outgoing chairwoman Penny Hughes said: “Without this, the balance sheet is not robust enough to support the operations of the group.”

Aston Martin, founded in 1913, saw profits crash last year as sale prices dipped and dealers ordered fewer cars.

The company, which employs 1,800 people in Britain, also overstretched itself by building a new factory in St Athan, South Wales, to construct its keenly awaited SUV, the DBX.

Its rescuers, also including JCB boss Anthony Bamford, will take a 16.7 per cent stake.

The firm will carry on with the launches of its Valkyrie and Valhalla models but its electric car programme is on hold and £10million costs will be cut.

Its link with James Bond will continue, with four Aston Martins slated to appear in the forthcoming No Time To Die.

The company will also return to F1 from 2021 when Mr Stroll’s Racing Point team will be rebranded Aston Martin.

Mr Stroll’s son Lance 21, is one of the team’s drivers.

https://www.thesun.co.uk/money/10868688/aston-martin-rescue-deal/