Aston Martin plans to sell a stake in the business as it struggles to stay afloat after disastrous stock market debut
Aston Martin could reveal plans to sell a stake in the business as soon as today after the board held an emergency meeting last night.
The luxury car maker, famed for being James Bond’s favourite marque, has been in talks to secure funding by selling a chunk of the business to a strategic investor for several months.
Chinese car maker Geely and Formula 1 billionaire Lawrence Stroll are thought to be vying to invest in the company.
Aston Martin has been in talks to secure funding by selling a chunk of the business to a strategic investor for several months
Both are offering to pump in £200million in return for 20 per cent of the firm and a place on the board, the Financial Times reported, and a decision about the funding could be made public as soon as today.
Aston Martin is struggling to stay afloat after a disastrous stock market debut in October 2018.
In the first year of being listed its shares lost 75 per cent of their value, after its initial listing price of 1900p per share was vastly overvalued and it subsequently released a slew of disappointing updates and a rescue financing.
The 107-year-old group is pinning any hopes of a recovery on the performance of its £158,000 SUV, the DBX, launched in November.
Geely was linked to the group earlier this month, while rumours that Canadian entrepreneur Stroll was interested emerged in December.
A spokesman for Aston Martin declined to comment. Shares fell 1.8 per cent, or 7.5p, to 402.7p.