British sports car maker Caterham Cars has been sold by the founding Nearn family to a management buy-in team, backed by Corven Ventures, for about £5 million, the Daily Telegraph reported.
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The newspaper said the new management team is led by Ansar Ali, who quit his job as general manager of Lotus Cars to run the business, which sells more than 500 cars a year and has a turnover in excess of £15 million.
Employing 70 people, the company makes four variants of the Caterham 7, itself based on the Lotus Seven, the Telegraph added.
