MALVERN, U.K. – Iconic British sports car maker Morgan reclaims the land it has called home since 1899.
Thanks to a record trading year that saw revenues grow 14%, the maker of classic sporting vehicles including the 4/4, Plus 8, Aero 8 and the latest 3-Wheeler has been able to reclaim property it “pawned” 11 years ago to fund new-model development.
Morgan has a growing band of enthusiastic buyers still enamored by the company’s ability to combine Edwardian craftsmanship and construction techniques, such as ash-wood body frames on the 4/4 and Plus 8, or aerospace technology on the Aero 8 with its bonded-aluminum chassis.
In a statement, the company says the move is the first step in a long-term strategy under the guidance of Managing Director Steve Morris, the Morgan family and recently appointed Chairman Dominic Riley.
In January 2006, Morgan sold the land on which the factory is built to fund product development in a sell and lease-back deal with Stirling Investments, a move that enabled the company to develop new vehicles and implement new technology.
It now has purchased both the Pickersleigh Road site and the Morgan visitor center which has become something of a tourist attraction, welcoming more than 30,000 visitors a year since its official opening by Princess Anne in 2009.
“The positivity felt by all Morgan staff is stronger than ever,” Morris says. “To now own the land where we create our range of cars is something truly special, and the news was welcomed with delight by the whole workforce.
Adds Riley: “Buying back the land that is the real home of Morgan is an investment for the future of the company, an investment in the future of the factory and a significant moment for everyone that’s been working so hard at Morgan over the years.
“We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for product from customers around the globe.”