The luxury British car brand will be used by a Formula One racing team from 2021, Lawrence Stroll will invest £182m in return for 16.7% of the struggling carmaker, which will also launch a £318m rights issue. The deal includes an immediate £55.5m capital injection.

Lawrence Stroll’s consortium includes business partners from many of the fashion investments in which he made his fortune, together with Anthony Bamford, the chairman of the digger maker JCB, who is also known for his political donations to Boris Johnson and the Leave campaigns.

Aston Martin said it now would hold back investment in electric vehicles beyond 2025 after reviewing its business and that it would seek to cut costs by £10m a year. Its Lagonda brand had been planned to become an electric marque.

As part of the deal, Penny Hughes, the chair brought in to oversee the disastrous float, will resign. She said a difficult 2019 had left Aston Martin “no alternative” but to seek the new financing. Lawrence Stroll will now become executive chairman.

Andy Palmer, who remains Aston Martin’s chief executive, said the business had run out of cash. A very tough 2019, he said, had resulted in “a stressed position with severe pressure on liquidity”.