Morgan shocks
New financial backer, all-new model
Morgan plans to double its annual production, expand its Malvern factory and bring new products to market fast after ending 110 years of family ownership and selling a majority stake to an Italian investment company.
Investindustrial, which also owns part of Aston Martin and has invested in TWR and Ducati in the past, bought a majority stake of undisclosed size and cost in a move that will give Morgan “firepower”, according to company chief Steve Morris, who will continue to lead Morgan day to day.
Morris, along with all 207 of the firm’s current staff, also received a stake in the company, and the Morgan family have retained one too. The family was unanimous in approving the deal, according to chairman Dominic Riley.
“This is a new partner that is absolutely right for the company to let us grow and fulfil our potential globally,” said Riley, who first received a phone call from Investindustrial three months ago. “It allows us to increase our sales and marketing activity worldwide and upgrade and invest in our factory and visitor centre.
“We will expand production, accelerate product development, develop new cars and recruit more staff to our Malvern base and worldwide. This secures the long-term future in Malvern while retaining sports cars that are hand built: these are at the heart of the company.”
The firm currently sells around 750 cars per year and is aiming to double this to 1500 in the coming years. “We’re not looking to do 3000 or 4000,” said Morris.
The cash will also allow it to accelerate development of its proposed flagship model, which will use the same new CX aluminium architecture as used on the new Plus Six. That flagship was due in the middle of the next decade but can now happen more quickly.