Caterham Group wishes to clarify that, following the sale of the F1 business in July, it has no affiliation with Caterham F1 Team.
Regarding news reports today that bailiffs have removed several items from Caterham F1 Team’s Oxfordshire base, Caterham Group also wishes to assure its customers and suppliers that this action has no bearing whatsoever on the car company or any of its affiliate business arms.
Moreover, the Group wishes to reiterate that neither the Company nor any of its automotive or engineering divisions are in any financial danger. The shareholders of the Group, including co-Chairmen Tony Fernandes and Datuk Kamarudin Meranun, are wholly committed to the business.
The Caterham brand name is in Formula One as a result of the Group’s former ownership of the F1 team and is being used under licence. The Caterham Group is concerned about the negativity that these circumstances, which are outside of its control, have on its brand and will continue to monitor the situation.
Caterham Group now consists of Caterham Cars, Caterham Technology & Innovation and Caterham Composites; the F1 team is now run by an unconnected consortium of Middle Eastern and Swiss investors, following its sale earlier this year.
While the Caterham F1 Team never reached its full potential, the other arms of Caterham Group – Caterham Cars, Caterham Technology & Innovation (CTI) and Caterham Composites – have continued to develop and flourish.
The order book for Caterham Cars is full until March 2015, with the Company having to ramp up production from last month to satisfy increasing and unprecedented global demand for the legendary Seven.
As Caterham Composites’ work in the aviation, marine as well as automotive sectors grows apace, CTI continues to win new third party contracts as well as the development of the new flagship Caterham two-seater sportscar, codenamed C120, amongst other projects.