Fund-raising extension to help build up car business

Castle Three Motor Company Limited
Castle Three Motor Company Limited
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A car company, which is aiming to base itself in Alnwick, has had an extension to its fund-raising window.

Castle Three Motor Company was set up by Brad Hoy, of Hazen near Guyzance, to design and build three-wheeled sports cars for both the recreational motorist and motorsport enthusiast.

The company was accepted onto crowd-funding website Crowdcube to help raise the £200,000 it needs to start.

And so far the going is good.

The company has already secured £22,000 in firm investment with another £100,000 under consideration, which has led to a two-week extension on its fund-raising period on the website.

Mr Hoy said: “We have been overwhelmed with the amount of local support we have received, and have been extremely impressed by the calibre of engineering companies and component suppliers that have made contact and are based in Northumberland.

“Likewise, we have had a high number of extremely skilled people contacting us looking for employment, although unfortunately this has sometimes been forced by the threat of redundancies elsewhere in Alnwick.

“From premises to people and components to expertise, we have been offered it all by the town of Alnwick or the county of Northumberland.

“All we need now is that final vital piece of the jigsaw – the cash; and we hope that we can count more local people in our list of shareholders over the coming days.”

The business will see the return of a brand from 1919, when The Castle Motor Company produced three-wheeled motor vehicles into the 1920s.

The present-day Castle Three is developing new three-wheeled vehicles and hoping to attract both recreational and motorsport customers.

The company is looking at business premises in Alnwick.