- Radford Motors, founded by Ant Anstead and Jenson Button, files Chapter 11 as it faces legal and financial woes.
- Lawsuits accuse Radford Motors of fund mismanagement, alleging misuse of deposits and personal expenses by founders.
- The company insists Chapter 11 is just restructuring, claiming the brand remains focused on future growth and investment.
The niche carmaker founded by celebrity mechanic Ant Anstead of Wheeler Dealer fame and 2009 Formula 1 World Champion Jenson Button, Radford Motors, has hit a bit of a “rough patch,” filing for Chapter 11 bankruptcy in Delaware court. Launched as a boutique operation with big ambitions, Radford’s journey from nostalgic revival to legal entanglement is starting to look like a textbook case of high hopes running afoul of 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 has been juggling a series of legal issues. In March, business partner Pastor Velasco filed a lawsuit against Anstead and fellow co-founder Daniel Bednarski, claiming he’s owed $2 million. Then, on July 24, Radford co-owner Roger N. Behlr Jr. filed another suit, alleging that Anstead and Bednarski have mismanaged company funds
Read: Radford Turns Its Pikes Peak Winner Into A Million-Dollar, Limited-Edition Track Car
Behlr’s complaint paints a less-than-flattering picture. In January, Anstead and Bednarski reportedly landed a $100,000 sale, only to have $54,635.52 of that deposit promptly redirected to pay a vendor for work unrelated to the customer’s Type 62. Additionally, Bednarski allegedly took $20,000 from the deposit and transferred it to himself. It’s also claimed the pair spent other company funds on personal expenses, including auto insurance.
Radford’s Chapter 11 bankruptcy is a debt restructuring and doesn’t mean the company will soon go the way of the dodo. In fact, the small firm remains confident in its future.
“Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future. During this process, it’s expected that certain ownership transitions will occur, which is an important step in our evolution,” Bednarski told People. “These changes are part of our broader strategy to clear the way for new investment and underscore our commitment to continued and sustained growth…We are excited about the road ahead and remain focused on continuing business as usual with renewed energy and purpose.”
Bednarski, once Anstead’s life coach before becoming Radford’s Chief Financial Officer, emphasized that the company remains “committed to its legacy of unparalleled craftsmanship and excellence.”
