Aston Martin has announced that it has been sold by Ford Motor Co to a UK-led consortium for £470m.

The luxury car manufacturer was founded in the UK in 1913 by Lionel Martin and Robert Bamford, but passed into US hands in 1975. Ford Motor Co took a 75% stake in the company in 1987 and took full control in 1994. It put the company up for sale six months ago in order to raise funds. In 2006 Ford recorded a loss of $12.7bn.

Aston Martin has now been sold to a consortium headed by Dave Richards of Prodrive, the motor sport and engineering group that runs Aston Martin’s racing team. Mr Richards made his investment in a personal capacity.

The consortium also includes John Sinders, a banker in finance and shipping who collects Aston Martins and two Kuwaiti investment companies - Investment Dar and Adeem Investment. Ford is retaining a £40m stake in the company.

Aston Martin will remain at its headquarters in Gaydon, Warwickshire, where 1,800 people are employed and the acquisition is expected to provide additional capital to help with the firm’s growth.

The sale is expected to close during the second quarter of this year.