Aston Martin Lagonda Global Holdings PLC (LSE:AML) shares revved up on Friday morning, as Lawrence Stroll’s Yew Tree Consortium upped its majority stake in the luxury manufacturer.
Yew Tree agreed to purchase an additional 26 million shares in the company on Tuesday, lifting its holding by 3.27 percentage points to 26.23%, Aston Martin said in a statement.
Led by the Canadian businessman, Yew Tree had initially built a majority stake in 2020, seeing Stroll become Aston Martin's executive chairman.
“The company has delivered a major turnaround since the Yew Tree Consortium's initial investment three years ago,” Stroll commented.
“We have rebuilt this iconic company, transforming it into an ultra-luxury brand, with a portfolio of highly desirable, performance-driven cars.”
Aston Martin had issued a profit warning last November, but has since seemed to gain traction as new models are released and higher prices put it on course toward a targeted 40% gross margin next year.
“This increased investment demonstrates our continuing, long-term commitment to the company, our conviction for the future and the shareholder value the company will deliver,” Stroll added.
Shares climbed 10.3% to 287.82p.