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BRDC announces restructure

NEWS STORY
08/07/2014

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.

The Silverstone Circuits Limited (SCL) management team, which will continue to operate and promote Silverstone under the 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, and who was instrumental in recent investments in the circuit, most notably the 'Wing' pit and paddock complex, has decided that the time is right for him to move on and the BRDC Board has accepted his resignation.

"The BRDC Board wishes to thank Neil for his hard work, tenacity and commitment to Silverstone during his six years as Chairman of SCL," said John Grant, BRDC Chairman. "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 British Grand Prix, he leaves the business and the circuit well positioned and the BRDC Board wishes him well."

According to a statement issued today, "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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