Car manufacturer targets long term growth after reacquiring factory
Worcestershire car manufacturer Morgan has re-acquired its factory and visitor centre at its historic base in Malvern.
The deal is part of the continuing positive momentum being enjoyed by the business, as well as being part of its long-term growth strategy.
The firm was backed by HSBC and advised by law firm Gowling WLG.
At the Geneva Motor Show in March, Steve Morris, managing director, Morgan Motor Company, announced a record trading year for the business, with revenue up 14% year-on-year.
The sound economic platform has given the company the confidence to press ahead with its growth plan.
The factory acquisition is one of a number of positive steps planned for the business, which is now under the guidance of Mr Morris, the Morgan family and recently appointed chairman, Dominic Riley.
In January 2006, the Morgan Motor Company sold the land on which the factory is built in a sell and lease-back deal with Stirling Investments designed to fund product development.
The money enabled the firm to invest in new vehicles and implement new technology.
After a sustained period of successful trading and consolidation, Morgan has committed to the purchase both of the Pickersleigh Road site and the Morgan Visitor centre.
The factory has been the home of Morgan for more than 108 years.
The inclusion of the Morgan Visitor Centre in the land deal secures the future of a destination which has become a popular tourist attraction for car enthusiasts. The centre, opened by HRH The Princess Royal in 2009, welcomes more than 30,000 visitors a year.
Mr Morris said: “The positivity felt by all Morgan staff is stronger than ever. To now own the land where we create our range of cars is something truly special and the news was welcomed with delight by the whole workforce.
“Morgan Motor Cars is enjoying a business turnaround under the guidance of the new management team and I look forward to fulfilling all of Morgan’s exciting plans in the future. I’d like to thank Stirling Investments for their assistance during the 11 years of land ownership and also to Gowling WLG and HSBC for guiding us throughout the acquisition process.”
Dominic Riley added: “Buying back the land that is the real home of Morgan is an investment for the future of the company, an investment in the future of the factory and a significant moment for everyone that’s been working so hard at Morgan over the years. We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for product from customers around the globe.”
