Ant Anstead’s custom automaker Radford Motors filed for Chapter 11 bankruptcy protection on October 22nd.
The TV star was the co-founder of the company that revived the once-defunct British car manufacturer Radford with the aim of custom-making luxury sports cars. Anstead’s company went bankrupt amid accusations of fraud and misrepresentation, according to . people.
Bednarski explained his decision to file for bankruptcy in a statement to People magazine on Wednesday.
“Radford Motors is undergoing a Chapter 11 restructuring that will implement strategic changes to strengthen our foundation for the future,” he said. “During this process, we anticipate that certain ownership transitions will occur, but this is an important step in our evolution. We are excited about the journey ahead and are excited about the new energy and We remain focused on continuing business as usual with purpose.”
According to People magazine, one of Anstead’s business partners, Pastor (Pat) Velasco, made a $2 million loan to Anstead and co-founder Daniel Bednarski in Orange County in March. He filed a lawsuit alleging that he owed $1,000.
Television celebrity Ant Anstead attends the Los Angeles special screening of Discovery’s series ‘Serengeti’ in Beverly Hills, California on July 23, 2019. (VALERIE MACON/AFP via Getty Images)
Fellow co-owner Roger N. Behle Jr. filed a lawsuit on July 24, accusing Anstead and Bednarski of mismanaging the company’s finances, according to People magazine. According to People, the court filing states that Mr. Anstead and Mr. Bednarski secured a sale price of $100,000 for a new car, but just hours later, they “received $54,635.52 of the deposit. The money was used to pay contractors for work unrelated to the new customer’s vehicle.”
“Twenty-nine minutes after the first wire was sent, Bednarski withdrew more of the new customer’s funds and paid himself $20,000 via wire,” according to Behre Jr.’s complaint.
According to People, the lawsuit also alleges that the two used company money to pay for personal expenses such as car insurance.
UNIVERSAL CITY, CA – MAY 22: Ant Anstead and Christina Anstead visit “Extra” at Universal Studios Hollywood on May 22, 2019 in Universal City, California. (Photo by Noel Vasquez/Getty Images)
The company filed a countersuit against Velasco, Behle and others in April.
Bednarski asserted that the company is “committed to unparalleled craftsmanship and a tradition of excellence.” “This pivotal move ensures that the company continues to exceed customer expectations and shape the future of luxury automobiles,” People reports. (Related: ‘I lost all my money’: Cher admits she lost all her money in the ’80s)
Anstead is best known for his appearances on HGTV and his high-profile marriage to Christina Haack from 2018 to 2021. He is currently dating actress Renee Zellweger.
