Aston Martin is a ‘gem that needs love’, says billionaire rescuer | Financial Times

Aston Martin is a ‘gem that needs love’, says billionaire rescuer | Financial Times:

Canadian Formula 1 billionaire Lawrence Stroll said Aston Martin was a “gem that needs love” after leading a £500m rescue of the luxury carmaker.

Following a board meeting that ran into the early hours of Friday morning, Aston’s board opted for the deal from Mr Stroll’s consortium over a rival offer from Chinese carmaker Geely. 


Mr Stroll’s consortium will inject £182m for a 16.7 per cent stake in Aston at a price of £4 per share. Aston will raise a further £318m through a rights issue backed by two of its largest shareholders, Italian group Investindustrial and the Kuwaiti investment fund.

Aston, whose cars are a staple of the James Bond film franchise, has been forced to seek new money less than 18 months after an initial public offering in London that valued the group at £4.3bn. Its time on the public markets has been marked by profit warnings and a collapsing share price. The company’s stock surged almost 20 per cent on Friday.