Aston Martin’s declining sales have led its majority stakeholder to consider selling its stake in the company.
Investment Dar, a Kuwaiti investment group which, along with Kuwaiti investing partner Adeem Investments and English businessman John Sinders, purchased stakes of Aston Martin from Ford in March of 2007, may sell a stake in the luxury automaker.
The Financial Times reports that unnamed sources close to the situation claim that Investment Dar has received several expressions of interest in a stake. Investment Dar plans to sell part of the automaker as part of a plan to restructure debt.
Aston Martin has been hit hard by the recession, which is wrecking havoc on the luxury car market worldwide. According to the Financial Times, sales fell 25 percent for 2008 through October, forcing the company to cut its workforce by one-third.
Investment Dar met with banks and investors this week to update them on restructuring plans, which are scheduled to be completed by March 16. The group said that all avenues are being pursued, according to the Financial Times’ source. If all goes well for Investment Dar, Aston Martin may be switching ownership yet again.
Source: Financial Times