Brexit Britain received a boost today as it was reported that Aston Martin is gearing up to announce it has chosen the London Stock Exchange for its £5billion flotation.
The sports car brand, which is famously driven by James Bond, is expected to make the announcement later this week after enjoying a record-breaking profits last year.
The sale, known as an Initial Public Offering (IPO), is expected to happen in the Autumn and will see around £1bn of shares sold, which is around a fifth of the company’s value, Sky News reports.
The news will be cheered by the British Government and finance chiefs who are keen to see that London remains Europe’s leading financial centre after Brexit.
The sports car brand (pictured, an Aston martin outside the firm’s headquarters in Gaydon in England) which is famously driven by James Bond, is expected to make the announcement later this week after enjoying a record-breaking profits last year
Different stock exchanges around the world fiercely compete to get companies to choose to be listed with them.
Aston Martin insiders told Sky News that the company would make the announcement when it updated the markets on its ‘healthy’ interim results.
There has been years of speculation that the luxury car maker will float on a stock exchange, and late last year the firm hired bankers to draw up its plans.
But while the car maker enjoyed record-breaking last year – reporting the highest sales in its history last year, at £876m, with pre-tax profits of £87m – it reported disappointing first-quarter results in May.
Profits slumped as a result of a weaker US dollar and higher product development costs.
But the half year profit results are expected to paint a far rosier picture.
The iconic British brand said in February that it was considering options for an IPO.
The firm is one of the most famous luxury car makers in the world, immortalised by the suave British secret agent James Bond.
The news of the listing will be cheered by Theresa May (pictured today meeting South African president Cyril Ramaphosa at DeTuynhuys Presidential Palace in Cape Town) who has insisted that the City of London will remain Europe’s leading financial centre post Brexit
It makes engines for Formula 1 racing cars and is known for its slick design and powerful engines.
And recently the car manufacturer has been branching out – detailing plans to build electric cars.
Aston Martin has said that each of its models will be developed with hybrid technology or full battery power by 2025.
The company had faced many years of financial struggle, but has turned itself around.
It is currently owned by Italy’s Investindustrial and Investment, and the Kuwaiti investors Dar, a Kuwaiti vehicle.
While Daimler, the German car manufacturer which owns Mercedes-Benz, also has a small stake.