Motorsport Business Restructuring

The Group has changed the name of Essentially Motosport to Accelerate Motorsport following last year’s acquisition of Accelerate Sport and Music Limited. This will allow the company to leverage the Accelerate brand to exploit a growing number of rights and sponsorship opportunities available in motorsport and, in particular, Formula One.

In December, the company advised British driver Anthony Davidson’s management team and assisted them in securing a seat with Super Aguri Formula One for 2007. Following this success, Accelerate Motorsport will be advising Anthony’s team on the acquisition of personal sponsorship arrangements.

John Byfield, Essentially Group Chairman commented: "Restructuring our Motorsport business will enable us to use our extensive contact base in Formula One to greater effect, with less reliance on driver management services. The Accelerate brand is extremely strong within the sports industry, particularly in rights and sponsorship and this rebranding enables us to realise additional synergies between our Group companies."

To help achieve this, Accelerate Motorsport has recruited Mark Hankins (47) as its Chief Executive Officer. Mark has over 20 years experience in the motorsport industry, the last six of which he has spent with the McLaren Formula One team as its business development manager. He has extensive experience in sponsorship acquisition, business development and marketing services within the motorsports industry. Prior to McLaren, Mark was commercial director at PSM, a Formula One sponsor placement agency. He has also held senior sales positions with Silverstone Circuits Ltd and Brands Hatch.

Whilst with McLaren, Mark reported to the board, and was responsible for all areas of sponsorship acquisition for the group, including off sets and partnerships with the Mercedes McLaren SLR’s automotive division.

John Byfield added: "Mark has extensive contacts in the motorsport business and his appointment will enable us to broaden the range of Formula One and other teams we have commercial relationships with. We expect Accelerate Motorsport to secure further marketing services contracts in the near future."

Mark Hankins commented: "Accelerate Motorsport offers me the opportunity to help develop the organisation into a leader in this sector and to be well placed to capitalise on the continuing growth of sports sponsorship. Sponsorship of events and teams is increasingly popular and the spend is making up a larger proportion of marketing budgets, particularly in Formula One motorsport, as it offers a truly global audience.

"Accelerate Motosport has an already well established basis from which to work and our focus will be to continue to develop in the areas where we have been traditionally strong, such as the relationships we have with the teams and right holders, whilst seeking new growth through acquisition, sponsor placement exploitation and activation" he added.

Enquiries:

John Byfield
Essentially Group Limited
01534 485 626

Oliver Cairns / Romil Patel
Corporate Synergy
020 7448 4400

John West / Matt Ridsdale
Tavistock Communications
020 7920 3150