Debt drive: Luxury car maker Aston Martin has unveiled plans to raise another £210m of funding
Aston Martin has unveiled plans to raise another £210million of funding to help speed up efforts to cut down its debt pile.
The cash call is backed by the luxury car maker’s largest investors, including the Saudi Arabian sovereign wealth fund and Chinese rival Geely.
Aston announced the share placing had already secured £115million of its total from major shareholders, with its biggest investor the Yew Tree consortium, led by executive chairman and Canadian billionaire Lawrence Stroll, having agreed to provide a £44million cash injection.
The Saudi Public Investment Fund, meanwhile, will stump up £37million with Geely providing £15million and German giant Mercedes-Benz another £19million.
Aston said the proceeds would allow it to pay back some of its debts early as well as provide more support to its efforts to develop electric cars.
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