Fancy an oddball punt? A new company based in Alnwick in Northumberland is looking for investors for their new three-wheeled sports cars, designed to be used on the road or on the track.
The Castle Three Motor Company was previously around in the 1920s and competed directly with the Morgan 3 Wheeler of the time, but a bunch of enthusiasts are keen to resurrect the name and the machine, albeit with a modern take on the design and materials used.
The initial concepts have been designed by Charlie Purvis and Xenophya Design, at Cramlington in Northumberland, and the company is currently gearing up to build the first prototypes using local engineers, suppliers and craftsmen.
Castle Three is unique in that it is raising funds to complete the prototype work and market launch by selling shares to the general public using the crowd funding web portal, www.crowdcube.com .
People can invest as little as £10 and it’s easy to register and pledge investment at the Crowdcube website, where a full business plan is available. The target is to raise at least £150,000 by 26th October 2013. The investment meets the criteria for SEIS tax relief which means that you can offset 50% of your investment against tax – more details at the Crowdcube site.
The link below will take you to a Daily Telegraph article on the share sale:
There’s also a link to an Autocar article:
More info on the website at: www.castlethree.co.uk
Personally I wish them every success. We need more entrepreneurs and eccentrics in British motor manufacturing, and having been a passenger in a Morgan a few years back, I could be awfy tempted to go for one of these myself. Especially if it is going to be cheaper than the 25 grand that Morgan is asking for their latest offering.