A few years ago, Formula 1 champion Jenson Button announced that he was partnering with TV presenter and mechanic Ant Anstead to start a sports car company called Radford Motors. They planned to specialize in limited-production coach-built cars, such as the Lotus Evora-based Type 62-2. However, just three years into their venture, parent company Finest Coachbuilding LLC is filing for bankruptcy.
“Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future,” said Finest Coachbuilding CFO/COO Dan Bednarski. “During this process, it’s expected that certain ownership transitions will occur, which is an important step in our evolution. These changes are part of our broader strategy to clear the way for new investment and underscore our commitment to continued and sustained growth. We are excited about the road ahead and remain focused on continuing business as usual with renewed energy and purpose.”
That sounds like a nice way of saying that Radford ran out of money. But when Bednarski’s statement says ownership changes are expected and that Radford will be securing new funding, does he mean that either Button or Antstead will be out, as the company brings in new investors?
Bankruptcy seems like a far fall from where the company was just last year. Last December, Radford was selling the Track Edition of its Type 62-2 for $1 million each. The company only built 12, and they came with race training from Button and Tanner Foust. It packed up to 710 horsepower (each example was built to the buyer’s spec) from a supercharged V6 in its featherweight 2,160-pound frame. While it’s unclear how many Radford sold, rich folk love buying up ultra-exclusive track cars, regardless of price. It wouldn’t surprise me if all 12 found homes.
Whatever the reason for Radford’s required bankruptcy, it wasn’t for a lack of style. The Type 62-2 is a very pretty machine, in which I see hints of vintage Lotus, Koenigsegg Regera, and even some Ford GT40. It’s a beautiful, lightweight mid-engine sports car. With boutiques like Singer and Icon proving that there’s a market for transforming existing enthusiast cars for a high price, it’s unfortunate that Radford got to this point. Hopefully, this restructuring will help get the company building cars again and, this time, more successfully and sustainably.
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