Damon Hill's Car Business Faces Bankruptcy

Former Formula 1 champion Damon Hill is on the verge of losing his P1 International business. The company was founded by Hill and business associate Michael Breen in 2000 – shortly after the British driver decided to retire from Formula 1 – but is now struggling to survive due to the economic downturn.

P1 International's profile, as a company, was to purchase expensive high-performance cars and than rent them to wealthy members. The fee for using the aforementioned cars was annual and was set around the sum of £12,250. Nevertheless, a source from within the company revealed that several members of the P1 have renounced their membership due to the decrease in cars' value.

“The value of the cars has fallen sharply and membership has dropped off,” a source from within the P1 was quoted by British newspaper The Daily Telegraph.

Although not being part of P1's membership anymore – as he sold his share of the deal to Breen 3 years ago – Hill is still a creditor for the company. That means P1 International still owes him plenty of assets (mostly cars) which are in danger of being completely lost if the company is declared bankrupt.

Less than a month ago, Hill has filed a petition with the High Courts of Justice in London in which he asked for the company to be placed into administration. Although his request was denied, all hope is not lost for the former F1 champion, as it is believed a 3rd party is now interested in buying P1 international.

“I am happy to confirm that we have a third party who is in the process of making an offer to purchase the business and therefore we only anticipate you being inconvenienced for just a few days whilst arrangements for the sale are finalized,” read an email from Breen, according to the PistonHeads website.
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