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Damon Hill fights to wind up P1 supercar club
By
Tim Pollard
Motor Industry
18 March 2009 12:51
Former F1 motor racing champion Damon Hill is mounting a legal campaign to close the P1 International supercar club he founded, it emerged today. Solicitors representing Hill argued their case at 10.30am this morning in the High Courts of Justice in London.
Hill claims he is a creditor owed money from P1 International and is seeking to wind up the supercar club through the courts. Under British law, a company may be wound up voluntarily if it cannot pay its creditors – but may also be wound up by order of the court on the petition of a creditor.
The financial details of the case remain secret and Hill's solicitors declined to comment on the case. CAR Online contacted Michael Breen, co-founder and chief executive officer at P1 International Ltd, late this morning but has yet to hear back from him.
P1 International supercar club: the background
P1 was founded nine years ago and pioneered the supercar club business model in the UK, buying expensive high-performance cars and letting members drive them for selected dates by paying an annual membership fee.
Breen recently told CAR that P1 had 300 members, two branches and more than 40 cars. He told us: 'In the last four to five months there's definitely been a downturn in business, but an upsurge in inquiries. People have been taking back deposits on supercars and thinking cautiously about using the money for a membership instead.'
But the global financial crisis – and the cutbacks among previously affluent City types – has already taken its toll on P1's rivals. Seagrave, Group 20 and Club Velociter have all folded in the past year.
We would like to make clear that P1 is still currently trading, pending the court case.
>> Come back to CAR Online over the next few days to keep up to speed with this breaking news
