Yahoo Autos Jenson Button's Radford Motors Files for Bankruptcy
Back in 2021, a new brand founded by 2009 Formula 1 champion Jenson Button and celebrity mechanic Ant Anstead revealed plans to build a low-production supercar inspired by the Lotus Type 62. Three years later, that saga has taken a turn for the sour: the company, known as Radford Motors (or just Radford), has filed for bankruptcy.
Radford had been working on a vehicle called the Type 62-2, a retro-styled speed machine based on a Lotus Exige chassis that was designed in part as a tribute to the Lotus Type 62 race car of the last 1960s and early 1970s. Those plans, presumably, are now on hold as the bankruptcy proceedings commence.
As with most bankruptcies in the automotive world, the Chapter 11 filing by parent company Finest Coachbuilding Group LLC is not necessarily the end of Radford. It is a debt restructuring, one that a statement from the brand optimistically claims will "strengthen business for future growth." The company also claims that it will secure new funding as part of its bankruptcy plan, likely a must to keep the brand going and get more cars built.
In a statement, group CFO Dan Bednarski says that "Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future. 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."
Celebrity-focused publication People notes that the filing comes amid two legal complaints against two of the company's founders, Anstead and Bednarski. One is from a business partner, who claimed in March that the pair owed him $2 million. The second is from a co-owner, who claimed in July that both Anstead and Bednarski took funds out from a $100,000 deposit to pay for expenses not related to the customer's order. That suit also claims that the pair paid for car insurance, among other expenses, out of company funds.
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