UPDATE — 10/24/24, 3:10 p.m. E.T.: Ant Anstead addressed his car company Radford Motors’ financial troubles shortly after news broke that the business filed for Chapter 11 bankruptcy.
In a statement to People on Thursday, October 24, Anstead said he will remain “fully committed” to the company despite its current “challenges.” He explained: “Radford is implementing strategic organizational enhancements while maintaining full operational continuity. I remain fully committed to advancing Radford’s vision and growth. My role and dedication to Radford’s success continue unchanged.”
He went on to note that he and his cofounder, Jenson Button, will “maintain our foundational commitment to excellence that has defined Radford from day one,” adding, “As founders, we understand the unique challenges that come with building a premium automotive brand, including the critical importance of having partners whose values and vision align completely with our mission.”
Anstead concluded: “Like many entrepreneurial ventures, our journey has presented both opportunities and challenges. Throughout this evolution, our unwavering focus remains on delivering exceptional value to our clients while honoring Radford’s storied legacy. We are grateful for the continued support of our community and remain fully dedicated to advancing the brand’s prestigious heritage.”
Original story:
Ant Anstead’s business is undergoing some changes.
Anstead, 45, and Formula One champ Jenson Button’s car company, Radford Motors, filed for Chapter 11 bankruptcy on Tuesday, October 22, according to documents obtained by Us Weekly.
“Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future,” Daniel Bednarski, one of Anstead’s business partners, said in a statement to People (who was first to report the news). “During this process, it’s expected that certain ownership transitions will occur, which is an important step in our evolution.”
He noted that the company is “excited about the road ahead” and will “remain focused on continuing business as usual.”
Radford Motors is “committed to its legacy of unparalleled craftsmanship and excellence,” Bednarski’s statement continued. “This pivotal move ensures the company will continue to exceed client expectations and shape the future of luxury vehicles.”
Us Weekly has reached out for comment.
Anstead and his business partners initially teamed up in 2020 to revive the defunct British car company Radford. Court documents obtained by Us reveal that the bankruptcy filing came one month after Anstead was accused of fraud and misrepresentation.
Another businessman, Pastor (Pat) Velasco, in March claimed that Anstead and Bednarski owe him $2 million. A separate complaint was filed in July by another co-owner, Roger N. Behle Jr., who alleged that Anstead and Bednarski mismanaged the company’s money.
Behle’s filing claims that Anstead and Bednarski (who was Radford’s chief financial officer) secured a $100,000 loan in January. Shortly after it went through, the duo allegedly “took $54,635.52 from this deposit” and paid a separate vendor for work unrelated to a newly sold car. The suit also alleged that they paid for personal expenses with company money.
“Twenty-nine minutes after the first wire was sent, Bednarski took more of the new client’s funds and paid himself $20,000 via wire,” the complaint reads. (Bednarski was also allegedly Anstead’s life coach before taking on a role within Radford.)
In April, Radford Motors filed a countersuit against Velasco and Behle.
Anstead previously discussed his decision to buy the Radford brand, telling People in April 2023 that the company was “privately funded” by a total of seven people. (Part of his journey as the company’s owner was showcased in the five-part docuseries Radford Reborn, in which Anstead and Button created a supercar for the brand.)
“This is personally a huge risk for me,” he told the publication, in part. “We are doing it. We’re risking everything.”
