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Jul 08, 2014 - 05:38 PM
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BRDC Announces Restructure
Posted by: newsla on Jul 08, 2014 - 05:36 PM
Formula 1 News
BRDC Announces Restructure


Following the recent (11 September 2013) investment deal with British commercial property company MEPC, which acquired a long lease on the existing Silverstone Industrial Estate and development land around the outside of the circuit, the board of the British Racing Drivers’ Club (BRDC) has reviewed its corporate governance arrangements and decided to streamline its reporting structure by dissolving the board of its Silverstone Holdings Limited (SHL) subsidiary.

 

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The highly experienced Silverstone Circuits Limited (SCL) management team, which will continue to operate and promote Silverstone under the able leadership of Managing Director Richard Phillips, retains the full support of the BRDC Board to which they will now report directly.

Neil England, Chairman of SHL for the last six years, has been instrumental in recent investments in the circuit, most notably the dramatic ‘Wing’ pit and paddock complex. With this phase of the investment programme largely complete, and the successful lease of development land to MEPC, Neil has decided that the time is right for him to move on and the BRDC Board has accepted his resignation.

John Grant, Chairman of the BRDC, said: "The BRDC Board wishes to thank Neil for his hard work, tenacity and commitment to Silverstone during his six years as Chairman of SCL. He should be proud of everything he has achieved during that time and the significant contribution he has made to Silverstone. Off the back of a very successful Formula 1 British Grand Prix, he leaves the business and the circuit well positioned and the BRDC Board wishes him well.”

The BRDC’s future plans will be directed towards continuing to build on its wide range of activities to ensure the Group’s substantial assets are fully utilised and to work with partners to pursue major projects, such as a heritage centre and a hotel, which could further enhance the attraction and value of Silverstone.

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