Caterham Group has confirmed that it has sold its F1 team to a consortium of Swiss and Middle-Eastern investors led by Colin Kolles. All other Caterham Group brands – Caterham Cars, Caterham Composites, Caterham Technology & Innovation (CTI), Caterham Racing (GP2), Caterham Moto Racing Team (Moto2) and Caterham Bikes, remain as core elements of Caterham Group under the direction of CEO Graham Macdonald and shareholders Tony Fernandes and Kamarudin Meranun.
The sale of Caterham F1 Team now allows Caterham Group to focus on its core activities and continue to see them develop and flourish. The order book for Caterham Cars is full until January 2015, with the company having to ramp up production from September this year to satisfy increasing and unprecedented global demand for the legendary Seven. Similarly, Caterham Composites has increased its workload in the aviation, marine and automotive sectors and CTI continues to win new third party contracts in addition to the development of the new flagship Caterham two-seater sportscar, codenamed C120, amongst other projects.
Graham Macdonald, Caterham Group CEO: “Firstly I want to thank everyone who was involved in the F1 team for all their hard work and dedication. It was an incredible rollercoaster ride, one that had several very high points, but too many lows, and for that reason we decided to hand it on to a group of people who we believe will be able to help the team unlock its full potential. It didn’t work for us, but we wish the team and everyone associated with it the very best of luck and when they score their first point we will all be cheering louder than anyone.
“The future for us now lies with all the exciting brands that make up Caterham Group. We have ambitious, exciting plans for each of our businesses and our core focus is still on launching the brand new two-seat Caterham Car, a project we will be making more announcements about in due course.”