View Full Version : Another British Automaker SOLD!!!

01-14-2005, 12:32 PM
<B>From Today's PistonHeads:</B><p><I>CATERHAM SOLD!<br>Another British Manufacturer changes hands<p>Caterham has changed hands. Ex-Lotus General Manager, Ansar Ali has led a management 'buy in' with backing from Corven Ventures, the private equity arm of the consulting and corporate finance firm Corven Group.<p>The company has changed hands but the price paid remains undisclosed. <p>The new team will bring sector experience to complement the existing Caterham management. Ansar Ali will be Managing Director with Gideon Wigger, another ex Lotus manager, as Operations Director. David Obertelli will be Finance Director and James Basden (founding Director of Corven) and Mark Edwards (Director of Corven Ventures), both of whom have extensive automotive experience, will join the board as Non-Executive Chairman and Non-Executive Director respectively. <p>Outgoing Caterham Cars Managing Director, Simon Nearn, will continue to assist the new management team on a consultancy basis. <p>The new company hasn't disclosed its plans yet but has promised to "drive the brand forwards". It's a difficult task they have ahead. The company has been known for its conservatism to date - reluctant to change the formula that has brought them success for several decades.<p>Ansar Ali commented, "This is a unique opportunity and one that places on me a responsibility to ensure that we remain true custodians of the Caterham legend and brand. I am looking forward to the challenge of harnessing the inherent capabilities of the business - its employees, suppliers and partners - in order to continue to deliver sector leading products, outstanding customer value and financial returns to our shareholders and partners."<p>Simon Nearn commented, "For a number of years we have been seeking inward investment to support the ever spiralling cost of new product development. I am delighted to announce the conclusion of this process, which sees the arrival of a highly experienced new management team, backed by a level of financial commitment that will ultimately enable the Caterham Brand to realise its full potential. <p>"Caterham Cars has until now been a strictly family business and although it has grown significantly in recent years, a shared sense of purpose and an infectious enthusiasm for the product has driven us as a team. Ansar and his colleagues not only recognise this dedication, but also share our enthusiasm for the Seven. They are ideally placed to begin the next chapter in the Caterham story."</I><p><B>So lets see, Lotus sells the rights to the 7 to Catrham, now a investors which include a Lotus Exec buy it. Hopefully this is the begining of more product variety for this scrappy little company.</B>