Breaking News ……
MILAN (Reuters) –
Italian investment group Investindustrial said on Tuesday it had bought a majority stake in iconic British sportscar maker Morgan Motor Company Ltd.
The company, which gave no financial details, said the deal would be completed in April.
The Morgan family will continue to represent the brand and will keep a minority stake in the company.
Morgan Motor Company, which sells around 700 cars per year, had revenues of 33.8 million pounds ($44 million) in 2018.
Reporting by Stephen Jewkes; editing by Agnieszka Flak
I guess that it was only a matter of time for the last (small – c.750 cars p.a.) volume production British car manufacturer to cease being wholly British owned.
Emotionally, in terms of national pride, there will be those who see this move in a negative light. On the other hand it is just another manifestation of ‘the Global Economy’.
Putting spurious nationalism to one side then this has got to be good news for potential Morgan owners and just as importantly, for Morgan’s employees; also for the economy around Malvern, Worcs.
Charles Morgan, grandson of the founder, Henry Morgan who started the company in 1910, resigned in late 2011. He was the last person with the ‘Morgan’ name to have a management position but other members of the wider Morgan family have a financial interest in the company. This is still the case after Investindustrial taking a controlling interest.
I am sure that all car enthusiasts wish the company every success for many years to come. I am looking forward to my factory tour next month.
Here are a few photos of Morgans that I have taken in recent months and years –
Morgan Plus Six launched at Geneva 2019 Motor Show –
For 2020 Morgan Events –
https://www.carsceneinternational.com/uk-classic-car-shows-club-event/morgan-sports-car-club-events-2020/
© carsceneinternational.com
Nick
