Prodrive to build F1-spec factory

The announcement, which comes after autosport.com revealed on Monday that Prodrive boss David Richards is on the verge of giving the green light to his F1 operation, will see the company develop a 200-acre facility at Honiley.

The hope is the site will include new offices, design studios, R&D laboratories and a conference centre.  A Prodrive statement also said: "It could also become the home for a new British Formula One team."

Plans for the site, which will become known as 'Fulcrum', are currently subject to planning permission but the hope is that work can begin early next year.

Richards said: "The British automotive and motorsport industries are coming under increasing pressure from competition overseas.  By developing the Fulcrum, we can provide high level technical skills and resources which will help the region's vehicle manufacturers and motorsport teams succeed and, at the same time, encourage more inward investment to the West Midlands."

Speculation about Richards' plans grew this week when autosport.com revealed that he had held talks with FIA president Max Mosley and F1 commercial boss Bernie Ecclestone about plans for the sport from 2008.

"It is also understood that the Subaru World Rally Team's former performance director David Lapworth is involved in the plans for the Formula One operation at Honiley.

Richards himself has made no secret of his desire to move Prodrive into F1. He said at the Autosport International Show in January: "I would not say it is unfinished business, but Prodrive is a motorsport business and that is at the heart of everything that we do.

"We are involved in most aspects of it, but we are currently not involved in F1 - although we do supply some components.

"I will only go there (into F1) when the situation allows us to be competitive and to make a profit - and the changes coming for 2008 might allow that to come to fruition."