conibear Posted January 13, 2005 Posted January 13, 2005 Probably explains why they have started factory fitting Duratecs then Quote
James Posted January 13, 2005 Posted January 13, 2005 Well well well, I am, and im not suprised Iif you know what I mean, ive felt that Simon Nearn hasnt been interested in the buisiness for some time. It does make sence for it to be headed by this team, but it is interesting what Simon Nearn said about funding for product development, Westfield have never had any problems in that direction, Im also curious about the "increased profitability" does this mean that the cars will now be built to a price rather than a quality? Damn this is going to upset the Caterham camp!! mmmmm Quote
Man On The Clapham Omnibus Posted January 13, 2005 Posted January 13, 2005 Immediate Release: 16.00 Thursday 13th January 2005 A management buy-in (MBI) team led by ex-Lotus General Manager, Ansar Ali, and backed by Corven Ventures, the private equity arm of the consulting and corporate finance firm Corven Group, has bought Caterham Cars for an undisclosed sum. Caterham is the pre-eminent sports car manufacturer in its sector producing lightweight, affordable road and racecars with supercar performance. The company’s heritage stems from the legendary Lotus Seven sports car acquired from Lotus Cars in 1973. Over the last 30 years Caterham, headed by its founder Graham Nearn and subsequently by his son, Simon, have successfully developed the Caterham Seven. Today, the company sells more than 500 cars a year in over 15 countries, generating a turnover in excess of £15 million. In October 2004 Caterham launched its exciting new Caterham Seven CSR model, which draws its power from two bespoke high performance engine variants from Cosworth Racing. The CSR not only establishes a new benchmark in handling and performance, but also renews an alliance with racing legend Cosworth, who return to the road car market after a ten-year absence. The MBI team will bring sector experience to compliment the existing Caterham management. Ansar Ali as Managing Director is joined by Gideon Wigger, another ex Lotus manager, as Operations Director, and by David Obertelli as Finance Director. James Basden (founding Director of Corven) and Mark Edwards (Director of Corven Ventures), both of whom have extensive automotive experience, will join the board as Non-Executive Chairman and Non-Executive Director respectively. Outgoing Caterham Cars Managing Director, Simon Nearn, will continue to assist the new management team on a consultancy basis. The combined management will seek to underpin the fundamentals of the business and drive the Caterham brand forward to meet customer demands whilst enhancing profitability. Ansar Ali commented, “This is a unique opportunity and one that places on me a responsibility to ensure that we remain true custodians of the Caterham legend and brand. I am looking forward to the challenge of harnessing the inherent capabilities of the business – its employees, suppliers and partners - in order to continue to deliver sector leading products, outstanding customer value and financial returns to our shareholders and partners.” Simon Nearn commented, “For a number of years we have been seeking inward investment to support the ever spiralling cost of new product development. I am delighted to announce the conclusion of this process, which sees the arrival of a highly experienced new management team, backed by a level of financial commitment that will ultimately enable the Caterham Brand to realise its full potential. “Caterham Cars has until now been a strictly family business and although it has grown significantly in recent years, a shared sense of purpose and an infectious enthusiasm for the product has driven us as a team. Ansar and his colleagues not only recognise this dedication, but also share our enthusiasm for the Seven. They are ideally placed to begin the next chapter in the Caterham story.” Chairman and founder Graham Nearn added, “It is clearly an emotional time for many of those who have contributed to the success of the business over the last four decades, and it is both reassuring and fitting that the new owners of the business should come from Lotus, where of course the Seven story began. That this should happen at a time when our historic links with Cosworth are being renewed seems particularly appropriate”. Quote
Blatman Posted January 13, 2005 Author Posted January 13, 2005 I'm with MotCO. If you pick through all the management marketing speak, there isn't much substance to that press release at all... I reckon they won't have a clue... Quote
Rob Navin Posted January 13, 2005 Posted January 13, 2005 On a serious note.... Will this affect the heritage of the cars Quote
Martin Keene Posted January 13, 2005 Posted January 13, 2005 Will this affect the heritage of the cars Dare you to post that on Blatchat... Quote
Rob Navin Posted January 13, 2005 Posted January 13, 2005 I have never registered on Blatchat. But feel free to use the question on my behalf Quote
Man On The Clapham Omnibus Posted January 13, 2005 Posted January 13, 2005 I'd be nervous if was Arch Motors The backers are an anglo-American venture capital group, it seems, they may be wanting to be a bit more ambitious than Caterham were, and the Se7en is a bit quirky for that kind of outfit IMHO Quote
Blatman Posted January 13, 2005 Author Posted January 13, 2005 I'd go along with that. I'm not entirely sure this buyout a good thing. My usual dislike for change notwithstanding, the words venture capital, and the contrived nonsense about the incoming management all being from Lotus sends a shiver down my spine... Quote
James Posted January 13, 2005 Posted January 13, 2005 Lets face it It's Doomed! the people who are running it have no passion or love for the cars and withouht that its going to fail!! IMHO After all the only reson the car is here today was because Grahame Nearn fought for it tooth and nail will this group do that when it comes down to it? Caterham batting put to one side it is a shame that another great british name will probably be wiped of the face of the planet, I do wonder what this country is turning into? On the flip side of the coin Westfield has just been handed all the Herratige it needs because at least they are a family owned firm!! I wonder if Chris Smith & co are thinking "We Win!" Quote
steve_m Posted January 13, 2005 Posted January 13, 2005 Caterham have hardly being moving forward the last few years so maybe this is the fresh input they need ? Quote
CateringVan Posted January 13, 2005 Posted January 13, 2005 I wonder if Chris Smith & co are thinking "We Win!" They might be, but as someone (not me) has said on blatchat they may also have more to worry about now that Caterham has a strong financial backing and able to invest more in R&D and marketing Quote
Blatman Posted January 13, 2005 Author Posted January 13, 2005 Can't see it bringing prices down though. C******m have enough trouble selling as many cars Westfield per year already. Making enough profit to pay back the venture capitalists (to say nothing of the immediately inflated board and it's wages) and the marketing budget isn't a recipe for price reductions. Quite the opposite. If I were Chris Smith, I'd be preparing an advertising campaign of my own right now... Quote
JasonR Posted January 13, 2005 Posted January 13, 2005 Under the previous management the company always seemed concerned about the heritage of the car, any new design had to be in the spirit of the original, to the extent that they could never bear to design any other cars (with the exception of the 21). Maybe the new management team with less links to the Lotus Seven will think outside the box slightly more and produce some interesting cars. Although as mentioned on the Blatchat thread I am sure short term profit is one of their main priorities. I can see this change being to the benefit Westfield as the heritage arguement is getting smaller and smaller. Quote
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