The death of another great British brand? The end of an era? Only time will tell us the answer to both of those questions, but it is most definitely the start of new chapter for Morgan as the Morgan family sell the iconic business.
The Morgan Car Company, which was formed 110 years ago, have sold a majority shareholding to InvestIndustrial, and Italian venture capitalist. With their reputation for asset stripping, job slashing and then selling to the highest bidder, the word venture capitalist would normally send an ominous alarm bells ringing. This deal, on the face of it looks to be different. We’ve yet to find out all the fine details but some things we do know. For a start the Morgan family, the Management Team along with workers at the factory will all hold a shareholding in the Company.
The Italian firm also have a good track record in the heritage motor industry. They currently hold a 37% stake in Aston Martin and are credited with dragging Ducati back from the brink, turning it around to such an extent that the giant VW Group subsequently purchased it.
Being the last & quintessential British car company allied to the Companies unyielding commitment to the original wooden chassis design from a century ago, the new Italian owners recognise the value is in the uniqueness of Morgan and its heritage.
In doing so, InvestIndustrial have pledged to increase global distribution, broaden customers’ experience via events, helping Morgan fulfil its global potential as an iconic maker of hand built British sports cars.
That shouldn’t be hard given Morgan’s loyal fan base. New customer are quite content to wait six to ten months for one of the 700 plus vehicles produced every year, with a very active community of owners allied to around 50 Clubs with over 5,000 Members.
The seal of approval for the takeover comes from the current Managing Director, Steve Morris, “The company is 110 years old, the industry is increasingly challenging, and we’re on the back of our two most successful years in history - the Morgan family felt that it was the right time. The deal with Investindustrial – who have achieved so much in the industry - is just such a perfect fit and opportunity for us, and it fits with everything we want.”
To be fair, if anyone knows, he should. Steve started his career as an Apprentice at Morgan and is now taking Morgan into what will probably be its most successful period ever.
Our best wishes to everyone at Malvern.
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