Mick selling his stake in Radical
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Saturday, 15 July 2006 - Press Release
Radical Sportscars Looks for Investor
Radical co-founder, Mick Hyde, has recently announced his intention to sell his interest in Radical Sportscars. His partners in the business, Phil Abbott and Tim Greaves fully support his planned exit.
Mick explains the background to his decision, “In the ten years since we started Radical, the company has grown rapidly. We manufacture 100 sportscars a year, turn over £7m per annum, employ over 80 staff, work with 18 distributors world-wide and operate from a 35,000 sq ft factory unit in Peterborough. Our sportscars compete in nine, one-make series around the world, with more in the planning stage. The Radical product range comprises the Prosport PR06, SR3, SR4, SR8 and the SR9. All the design, development and tooling costs of these cars have been fully paid for out of profit and shareholder investment. Radical is now ready and able to expand into new international markets. Our latest LMP2, car has demonstrated that it is capable of winning the P2 class at Le Mans, and we are currently speaking with two manufacturers about new projects. Mick, now 57 years old, has been responsible for pushing through Radical’s relentless development programme, and overseeing the growth of Radical racing throughout the world. He is still a keen racer, and is battling it out in the extremely competitive Radical Biduro championship. Mick continues, “I think now is a good time for me to take a breath, plan for my retirement and give the opportunity for an investor to be part of the Radical phenomenon. I very much want to continue my current role in the company helping steer Radical to increased dominance in the global motorsport market.”
Tim adds, “Phil and I are fully supporting Mick in his wishes to capitalise on his work over the last 10 years. Mick has been key in the growth of the company and we are pleased that he has agreed to stay with the company to support us through this transition period and beyond.”
Interested parties should contact Mick direct – mick@radicalsportscars.com
Saturday, 15 July 2006 - Press Release
Radical Sportscars Looks for Investor
Radical co-founder, Mick Hyde, has recently announced his intention to sell his interest in Radical Sportscars. His partners in the business, Phil Abbott and Tim Greaves fully support his planned exit.
Mick explains the background to his decision, “In the ten years since we started Radical, the company has grown rapidly. We manufacture 100 sportscars a year, turn over £7m per annum, employ over 80 staff, work with 18 distributors world-wide and operate from a 35,000 sq ft factory unit in Peterborough. Our sportscars compete in nine, one-make series around the world, with more in the planning stage. The Radical product range comprises the Prosport PR06, SR3, SR4, SR8 and the SR9. All the design, development and tooling costs of these cars have been fully paid for out of profit and shareholder investment. Radical is now ready and able to expand into new international markets. Our latest LMP2, car has demonstrated that it is capable of winning the P2 class at Le Mans, and we are currently speaking with two manufacturers about new projects. Mick, now 57 years old, has been responsible for pushing through Radical’s relentless development programme, and overseeing the growth of Radical racing throughout the world. He is still a keen racer, and is battling it out in the extremely competitive Radical Biduro championship. Mick continues, “I think now is a good time for me to take a breath, plan for my retirement and give the opportunity for an investor to be part of the Radical phenomenon. I very much want to continue my current role in the company helping steer Radical to increased dominance in the global motorsport market.”
Tim adds, “Phil and I are fully supporting Mick in his wishes to capitalise on his work over the last 10 years. Mick has been key in the growth of the company and we are pleased that he has agreed to stay with the company to support us through this transition period and beyond.”
Interested parties should contact Mick direct – mick@radicalsportscars.com
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