Tony Fernandes confirms Formula One’s Hingham departure

Tony Fernandes has confirmed his motorsport teams will be moving out of their Hingham base this winter.

It means Team Lotus – to be renamed Caterham next year – will leave Norfolk after two years in the county, along with GP2 outfit Team Air Asia.

The teams are likely to move to the former home of Formula One's Arrows team, near Silverstone, while Caterham's sports car factory currently in Dartford is set to follow suit – an announcement on the new home is expected soon.

While Norfolk will be losing its only F1 team based in the county, Fernandes' Hingham factory will at least remain an important part of his new Caterham operation with a full-scale engineering division aimed at developing technologies for outside industries.

The new Caterham Composites business will be headed by current Team Lotus chief technical officer Mike Gascoyne, who will also continue his role with the Formula One team next season.

'We have a dynamic group of businesses already working together that gives a clear vision of what our long-term strategy is in their respective fields, and as one entity under Caterham Group,' said Fernandes.

'The group will be based across a number of centres of excellence – Caterham Cars, Caterham F1 Team and our motorsport interests will be based in one location that we are close to announcing, and our technology and composites interests will be based in Norfolk.

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'With those plans now complete we have the foundations in place for long-term growth and success, and now we are in complete control of our own destiny. We have a very exciting future ahead of us and are all looking forward to seeing the rewards of our hard work pay off for many years to come.'

Fernandes' F1 team raced for the final time under its Team Lotus banner on Sunday, in the season's climax in Brazil.