William Willson (businessman)
In February 1972 Willson, "an ebullient entrepreneur" along with other investors bought Aston Martin then reputed to be losing more than £1 million a year from David Brown Limited which was experiencing its own troubles for £101. The new owner was Company Developments his 4 year-old Solihull investment concern chaired by Willson who then became chairman of Aston Martin.
He appointed one of his co-directors of Company Developments, Geoffrey Fletcher, a property and building expert, as managing director and mechanical engineer, Harry Pollack, as technical director. Mr David Brown accepted presidency of Aston Martin with a seat on the board of directors. At the time Aston Martin had 500 employees. David Brown was later reported to have paid off Aston's debts of a reported £5 million.
Three months after Willson's firm took control a re-invigorated Aston Martin brought out two new models and the business was recovering. But in July 1974 a request for state aid of £500,000 was turned down. Mr Robert Maxwell offered to provide £100,000 of the required funds. Aston's 500 workers agreed to forgo wage rises for 12 months and they were given the opportunity to participate in a share-buying scheme. The shop floor gave management a unanimous vote of confidence. The reason for cash flow difficulties was given as California's stringent exhaust emission tests halting Aston Martin's US sales. Owners were reported to have sent in cheques for £1,000 and more. Mr Robert Maxwell was reported driving a newly-acquired Aston Martin.
A few days later it was announced a new request for government funds was for £1,250,000 but three months later on New Year's Eve it was announced on the front pages of national press that while a much smaller government loan of £600,000 had been approved it had been on the condition that US sales would be handled by British Leyland's distributors. The same front page report revealed Aston Martin would go into voluntary liquidation and its directors had requested that a receiver be appointed
However Willson sold the business, its owner now again in receivership since the end of 1974, in 1975 for over £1,050,000 to an American-Canadian-British consortium led by Californian Peter Sprague (chairman of National Semiconductor) with Canadian George Minden and Jeremy Turner a London businessman..
Lengthy and public wrangling with Sprague over price arose from Willson's concern to achieve a better price for the Aston Martin business. At the offer price of £1,050,000 unsecured creditors would (and did) receive less than 10 pence in the pound and his own Company Developments would receive only £500,000 in repayment of a £750,000 loan.
- David Brown sells Aston Martin. The Times, Friday, Feb 18, 1972; pg. 15; Issue 58405
- Motoring. Stuart Marshall. The Times, Thursday, Apr 04, 1974; pg. 37; Issue 59056
- Modified offer 'only hope left for Aston'. The Times, Wednesday, Mar 19, 1975; pg. 22; Issue 59348
- Third Aston offer by Mr Sprague. The Times, Saturday, Mar 22, 1975; pg. 17; Issue 59351
- Aston Martin requests state aid for cooperative with worker-directors. The Times, Tuesday, Sep 24, 1974; pg. 17; Issue 59200
- Business Diary. The Times, Thursday, Sep 26, 1974; pg. 21; Issue 59202
- £1.25m loan asked for by Aston Martin. The Times, Monday, Sep 30, 1974; pg. 19; Issue 59205
- Closure of Aston Martin firm today. The Times, Monday, Dec 30, 1974; pg. 1; Issue 59281
- Aston chairman's Benn challenge. The Times , Wednesday, Mar 12, 1975; pg. 20; Issue 59342
- Aston Martin bid final, consortium says. The Times, Friday, Apr 04, 1975; pg. 19; Issue 59361
- Parting protest over Aston Martin deal. The Times, Saturday, Apr 12, 1975; pg. 17; Issue 59368
|Owner||David Brown||William Wilson||Minden & Sprague||Victor Gauntlett et al.||Ford||Independent Consortium|
|2.6 ltr||3 ltr||Rapide||Lagonda||Taraf|
|Grand Tourer||DB4||DB5 & Volante||DBS & Vantage||DB7||Vantage|
|DB1||DB2||DB2/4 & MKIII||DB6||DBS V8 & AM V8||V8 Virage||V8||DB9 & V12 Virage||DB11|
|V8 Vantage||V8 Vantage||Vanquish||DBS V12||Vanquish|
|DB4 Zagato||V8 Zagato||DB7 Zagato||DB AR1||V12 Zagato||Valkyrie|
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