Ant Anstead and Jenson Button’s Radford Motors file for bankruptcy amid allegations of misuse of funds

A recent lawsuit alleges that two of Radford’s founders used company funds for personal expenses

Niche car manufacturer founded by famous mechanic Ant Anstead of Wheeler dealer fame and 2009 Formula 1 World Champion Jenson Button, Radford Motorshit a “rough patch,” filing for Chapter 11 bankruptcy in Delaware court. Launched as an ambitious boutique operation, Radford’s journey from nostalgic revival to legal entanglement begins to look like a textbook case of high hopes facing financial reality.

The company was brought to life in 2020 and launched with a reimagined version of the Lotus Type 62. But behind the glossy PR, Radford was juggling a number of legal issues. In March, business partner Pastor Velasco filed a lawsuit against Anstead and co-founder Daniel Bednarski, claiming they owe him $2 million. Then on July 24, Radford co-owner Roger N. Behlr Jr. filed another lawsuit, claiming Anstead and Bednarski mismanaged the company’s funds.

Reading: Radford turns his Pikes Peak winner into a million-dollar limited-edition race car

Behlr’s complaint paints a less flattering picture. In January, Anstead and Bednarski secured a $100,000 sale, only to promptly divert $54,635.52 of that deposit to pay a vendor for work unrelated to the customer’s Type 62. In addition, Bednarski allegedly took $20,000 from the deposit and transferred it himself. The pair are also alleged to have spent other company funds on personal expenses, including car insurance.

Radford’s Chapter 11 bankruptcy is a debt restructuring and doesn’t mean the company is going the way of the dodo anytime soon. In fact, the small firm remains confident about its future.

“Radford Motors is undergoing a Chapter 11 business restructuring that will implement strategic changes to strengthen our foundation for the future. During this process, certain ownership transitions are expected to occur, which is an important step in our evolution,” said Bednarski. People. “These changes are part of our broader strategy to pave the way for new investment and underline our commitment to continued and sustained growth… We are excited about the path ahead and remain focused on continuing business as usual, with renewed energy and purpose.”

Bednarski, once Anstead’s life coach before becoming Radford’s CFO, emphasized that the company remains “committed to its legacy of unparalleled craftsmanship and excellence.”