Caterham is not for sale, says chairman Tony Fernandes

Tony Fernandes, co-chairman of the Caterham Group, has dismissed reports that he is planning to sell the company.

During the weekend the Malaysian media reported that Fernandes was seeking to offload the automotive, motor sport and engineering group for around £350m.

However a statement issued by the Caterham Group this evening said the reports are "factually incorrect" and added that Fernandes and his co-chairman, Datuk Kamarudin Meranun, remain "wholly committed to the Caterham brand".

The statement added that it is, however, true that the group is actively searching for additional investment as it "seeks to fulfil ambitious plans to develop".

Fernandes said: “The Caterham Group is not for sale. We love what we build and we are always looking for further investment. This is no different to how we started AirAsia. Yes, we are constantly challenging ourselves and making decisions on everything from the structure to projects within the Group. That is normal business. That does not mean we are selling.”

Last year Fernandes laid out plans for major growth of Caterham, including entering new road car segments beyond its sports car heartland.