Luxury car manufacturer Aston Martin has announced that the consortium led by billionaire financier Lawrence Stroll has increased its stake in the company.

Shares in the Warwickshire-based car company rose in early trading on Friday.

Aston Martin told shareholders that Mr Stroll’s Yew Tree Consortium had agreed a deal to buy a further 26 million ordinary shares.

This means that Yew Tree increased its stake by 3.27% to 26.23% of the company.

The threshold of 30 percent, above which significant shareholders must declare whether they intend to make a takeover offer for a company, is still below this value.

Mr Stroll, whose son Lance Stroll is a Formula One driver, was appointed chairman of Aston Martin after first investing in the company in 2020.

Mr Stroll said: “The Yew Tree Consortium is delighted to increase its shareholding in the Company by 3.27%.

“This additional investment demonstrates the Yew Tree Consortium’s continued confidence and belief in the future of Aston Martin.

“The company has made a significant turnaround since the Yew Tree Consortium first invested three years ago.

“We have rebuilt this iconic company and transformed it into an ultra-luxury brand with a portfolio of highly desirable, high-performance cars.

“This increased investment underscores our continued long-term commitment to the company, our belief in the future and the value the company will create for shareholders.”

Aston Martin shares were therefore trading around 12 percent higher on Friday morning.