Aston Martin F1 team shelves proposed retail bond

The Aston Martin Formula One team has shelved a proposed five-year sterling retail bond to help fund its new factory because more attractive sources of financing are available, it said on Monday.

The Mercedes-powered team, owned by Canadian billionaire Lawrence Stroll, last month announced the 7.0% bond and hoped fans might participate.

Stroll told Reuters in October that the 'campus' — three buildings including a new wind tunnel — would take three years to build with an estimated cost of around  £220m (roughly R4,6bn).

He explained that the bond was “the most logical sense of financing the campus and giving the fans a chance to get involved”.

An update on Monday said the company had decided not to proceed with the issue because more attractive sources of financing were available for a larger amount than initially envisaged.