Great... am back to job hunting now! Unless anyone here has a £100 million... and keeps me on!
Cosworth, the engine-maker synonymous with boy racers from the 1980s, has hoisted the for sale sign after ditching a £250m float.
The British manufacturer, whose heritage in motorsports dates back to the 1950s, blamed market volatility on the abandoned listing, saying it now has to seek alternative ways to raise growth cash.
A winner: Cosworth's heritage in motorsports dates back to the 1950s
Cosworth has given the green light to investment bank UBS to conduct an auction, saying: ‘To secure longer-term revenues, as well as to take advantage of growth opportunities in the short to mid-term, Cosworth requires investment and is therefore now looking for new investors in some or all the equity in the business.’
The firm, which recently re-entered Formula 1 by providing engines to the HRT and Marussia teams, is being sold by former IndyCar racing tycoons Gerry Forsythe and Kevin Kalkhoven for £100m.
The pair said the environment remains tough, warning of ‘volatile market conditions continuing for the foreseeable future’.
Cosworth, which was sold by Ford eight years ago, is also in aerospace and defence markets. It became a household name providing the engines to souped up versions of Ford’s Escorts and Sierras.