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Caterham Cars' bosses buy company

Caterham Cars has been bought by its management team.

The management buy-in (MBI) was led by ex-Lotus general manager, Ansar Ali, and backed by Corven Ventures, the private equity arm of the consulting and corporate finance firm Corven Group. The company was bought for an undisclosed sum.

Ali takes the post of managing director, joined by Gideon Wigger, another ex-Lotus manager, as operations director, and by David Obertelli as finance director.

James Basden (founding director of Corven) and Mark Edwards (director of Corven Ventures) will join the board as non-executive chairman and non-executive director respectively.

Outgoing Caterham Cars managing director Simon Nearn, will continue to assist the new management team as a consultant.

Ali says: "This is a unique opportunity and one that places on me a responsibility to ensure that we remain true custodians of the Caterham legend and brand. I am looking forward to the challenge of harnessing the inherent capabilities of the business – its employees, suppliers and partners - in order to continue to deliver sector leading products, outstanding customer value and financial returns to our shareholders and partners."

Nearn says: "For a number of years we have been seeking inward investment to support the ever spiralling cost of new product development. I am delighted to announce the conclusion of this process, which sees the arrival of a highly experienced new management team, backed by a level of financial commitment that will ultimately enable the Caterham brand to realise its full potential.

"Caterham Cars has until now been a strictly family business and although it has grown significantly in recent years, a shared sense of purpose and an infectious enthusiasm for the product has driven us as a team. Ansar and his colleagues are ideally placed to begin the next chapter in the Caterham story."

Today, the company sells more than 500 cars a year in over 15 countries, generating a turnover in excess of £15 million.

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