F1 mogul Stroll starts drive to get Aston Martin on track

ASTON Martin’s new chief Lawrence Stroll pledged to lead the ailing car maker out of the quagmire on Monday after unveiling an early blueprint to revive the firm.

Stroll, a Canadian Formula 1 mogul, has led a consortium taking a 22% stake in the James Bond British car marque in a rescue share placing which closed on Monday.

Mercedes-Benz Grand Prix chief Toto Wolff has also taken a tiny stake.

In a call to arms, Stroll said restarting production was his primary aim after Aston Martin suspended factories in late March until April 27 due to coronavirus.

Restarting factories is vital to the success of the flagship SUV called the DBX, which is a crucial part of Aston Martin’s planned turnaround.

Stroll also said focusing on mid-level cars and electric vehicles would also be a priority.

Shares rose 10% to 64p but then reversed course and fell to 57p. They have fallen more than 60% since January 1.

“Our ambition for the company is significant, clear and only matched by our determination to succeed,” said Stroll.

Stroll and his consortium, known as Yew Tree, have ploughed £262 million into the car maker as part of the £500 million rescue rights issue.

The company's brief tenure so far on the stock market, much heralded when it listed with a glitzy opening on London Stock Exchange in October 2018, is widely seen as a disaster.

Shares were priced at £19 when they listed and are now worth 57p. The company's valuation has dropped from £4.3 billion to £880 million, destroying around £3.4 billion of value for shareholders.

Earlier this month finance chief Mark Wilson said he was stepping down replaced by Vikram Bhatia.