Radford Motors, the revived automotive brand known for its stunning Lotus-based Type 62-2 sports car, has hit a major roadblock in its journey. Finest Coachbuilding Group LLC, Radford’s parent company, has filed for Chapter 11 bankruptcy, casting doubt on the future of the brand and its ambitious plans. The filing took place on October 10 in the US Bankruptcy Court in Delaware, and Radford confirmed the news, indicating it is undergoing a business restructuring aimed at securing new investment and making ownership changes.
Radford Motors, brought back to life in 2021 by a team including TV presenter Ant Anstead and former Formula 1 world champion Jenson Button, hoped to carve a niche in the luxury sports car world. Their first project, the Type 62-2, drew inspiration from Lotus’s Evora and featured a powerful 3.5-liter V6 engine capable of producing up to 600 horsepower. Despite this promising start and even a headline-grabbing participation in the 2023 Pikes Peak hill climb, Radford’s future is now uncertain.
In a statement to Motor1, Radford’s CFO/COO Dan Bednarski described the bankruptcy filing as part of a broader strategy to “strengthen our foundation for the future,” hinting that ownership transitions and a restructuring plan would help clear the path for new investment.
“These changes are part of our broader strategy to clear the way for new investment and underscore our commitment to continued and sustained growth,” Bednarski said, while emphasizing that Radford remains committed to building luxury sports cars.
The filing comes just three years after Radford’s revival, throwing a wrench into its plans for the Type 62-2. The car, designed to merge classic racing heritage with modern performance, was set to enter limited production, with the company planning to build a range of bespoke luxury vehicles. The sports car, priced at around $1 million after its Pikes Peak debut, was meant to showcase Radford’s capabilities in the elite automotive space.
However, it is unclear how the bankruptcy filing will impact the production of the Type 62-2 or other future models. The restructuring could signal a fresh start for the company, or it may complicate the brand’s ambitions to cement its place in the luxury car market.
As the bankruptcy proceedings unfold, Radford’s next steps will be closely watched by automotive enthusiasts and industry insiders alike. The company’s ability to secure new investment and execute its restructuring plan will determine whether Radford can survive this critical juncture or whether its ambitious revival will stall before it truly hits the road. Stay tuned for updates on this developing story.
