The Canadian billionaire owner of Aston Martin Formula One Racing is backing a ￡150m-￡200m investment in a new manufacturing headquarters as he looks to build a ￡1bn outfit within five years.
Lawrence Stroll, who led the consortium that rescued UK luxury carmaker Aston Martin Lagonda last year in a ￡500m bailout, is pressing on with the investment despite inflationary pressures driving up costs.
“Steel’s gone up, lumber has gone up, labour prices have gone up because of a shortage of labour,” Stroll told the Financial Times. “We probably have a 10 per cent cost increase pre-Covid price to post-Covid price.”
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