A Kuwaiti investment firm has taken a major stake in high performance car company Prodrive.

The Investment Dar Company <<ok>> (TID) has ploughed tens of millions of pounds into the Banbury-based operation in exchange for a 40 per cent share of the business.

Prodrive chairman David Richards said: “This investment follows a year of planning, during which time we have identified a number of opportunities to expand our motorsport and road car activities.”

Mr Richards, who previously owned more than 90 per cent of the company, will remain the majority shareholder but Mahmoud Samy from TID will join the board.

Bosses say the money generated by the investment will be ploughed back into the business, particularly in the development of new technologies such as hybrid vehicles and alternative fuels such as hydrogen. Prodrive is forecasting a turnover of £110m this year, up from £98m in 2007.

Mr Richards added: “Our business is ultimately about helping our customers to sell cars, not only their current models, but future products as well. I see a great opportunity to expand our current work developing the new generation of environmental technologies.”

Prodrive, which employs 1,000 people worldwide, 450 of them in Banbury, is best known for its work with the Subaru world rally team and developing racing cars for Aston Martin.

In 2007, Mr Richards led a consortium which saw TID acquire Aston Martin from Ford and he become chairman of the company.

Mr Richards said: “Through Aston Martin, I have worked closely with TID for the last two years. As a result TID has also gained a great insight into Prodrive’s expertise and our culture.

“With their experience and understanding of the motor industry, they will play a significant role in the long term development of the business.”

Mr Samy added: “We have followed Prodrive’s success through the Subaru and Aston Martin motorsport programmes and seen the commitment and dedication of all the employees in every aspect of the business.

“Prodrive has a great heritage and David has a clear vision for growing the business. We look forward to working closely with David and his management team to realise their goals.”