Radford Motors Has Filed for Bankruptcy

[Dragoon]

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Update: CFO/COO Dan Bednarski provided an additional statement to Motor1 regarding the business operations of Radford in the immediate future:

"Radford Motors decided to move forward the debt restructuring and filing because of the incompatibility of ownership. We have been to court repeatedly with these civil suits and the judge has cited insufficient evidence for these claims of mismanagement and fraud, repeatedly. The debt restructuring allows us to move forward with changes in ownership in a way that allows us to continue operating our day-to-day business."

Radford Motors debuted its first car in 2021, the lovely Lotus-based Type 62-2. TV presenter Ant Anstead and former F1 world champion Jenson Button, alongside other partners, revived the iconic Radford name with plans to put the Type 62-2 sports car into a limited production run. But now, those plans appear to be in flux.

Earlier this month, Finest Coachbuilding Group LLC—Radford's larger corporate entity—filed for Chapter 11 bankruptcy. Documents were filed in the US Bankruptcy Court in the District of Delaware on October 10, and the company confirmed its Chapter 11 filing to Motor1 in a statement.

"Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future. During this process, it's expected that certain ownership transitions will occur, which is an important step in our evolution. Current Finest Coachbuilding Group LLC owners include Pastor Velasco, Roger Behle, Ant Anstead, Jenson Button, and Izzy Roa. These changes are part of our broader strategy to clear the way for new investment and underscore our commitment to continued and sustained growth. We are excited about the road ahead and remain focused on continuing business as usual with renewed energy and purpose."
- Finest Coachbuilding Group LLC CFO/COO Dan Bednarski

Radford says it will secure new funding under the restructuring plan and attempt to streamline operations, but that the company remains committed to building luxury sports cars in the future.

This news comes just three years after the company was founded. Radford debuted its Type 62-2 project late in 2021—an Evora-based sports car with a 3.5-liter V-6 making up to 600 horsepower. The company even took on the Pikes Peak hill climb in 2023, offering its Type 62-2 race car for sale after the fact for a cool $1 million.

It's unclear what this news means for production of the Type 62-2 sports car, or for the future of the Radford brand as we know it, but we'll keep you updated with news on this story as it unfolds.

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[Lotustoronto]

Not surprising. Still sad... Sports / Super car makers are feeling it. Even Porsche seem worried....

 

[Tomwa]

From other sources I read, there's belief that Radford was not handling customer money correctly. They took in deposits for cars and that money was not spent on production.

Also I thought the car was Exige based not Evora.