Morgan Motor Company, one of the last few remaining British-owned car makers that have stood the test of time in its long run, is to be bought by an investment firm based in Italy. Founded back in 1910 in Worcestershire by Henry Frederick Stanley Morgan, the company produces around 850 cars on an annual basis, and all are famous for being made by hand from start to finish.
Per its latest release, the Malvern-based 110-year old classic sports car manufacturer said that it had sold a majority of its holdings to Italy's Investindustrial. Clearly not new to the automobile world, the Italian investment firm also has stakes and holdings in a wide variety of luxury auto brands, including British luxury car manufacturer Aston Martin and Italian motorcycle maker Ducati.
The value of takeover, however, which was announced last Tuesday along with the unveiling of its Plus Six model at the Geneva Motor Show, was not disclosed. However, it had been confirmed that managers and the workforce will have a stake in the business. Furthermore, despite the deal, the Morgan family continue representing the brand, as well as retain a minority stake. Completion of the aforementioned deal is scheduled to be sometime this April.
A rich history
Founded some 100 years ago, the company have had a rich and colorful history and is one of the last that is still remaining under British ownership. Selling handmade sports cars, its buyers would often join a waiting list that would last several months, resulting in the company reporting revenues of £33.8m in 2018 and an after-tax profit of £3.2m.
According to Jill Price, a family member who has served as director for the longest, "Having very carefully considered all options for the future success of Morgan, the family concluded that this new ownership structure and Investindustrial, have the pedigree and resources to secure the long-term future of Morgan."
On the other hand, Investindustrial Chair Andrea Bonomi said, "Morgan's handmade British sports cars are true icons of the industry. We have followed the company and seen its progress for some time, and see significant potential for Morgan to develop internationally while retaining its hand-built heritage, which is at the heart of the Morgan Motor Company."
Per the Bonomi, the company shares with Morgan the belief that British engineering still have a place in the modern world, and they're among the world's most unique.
