Tertre Rouge Assets has announced that it is to delist from the London Stock Exchange (LSE), after failing to acquire a super car road trip company.

The firm, which looks to acquire investment-grade collectible motorcars and motorcycles, is majority owned by former racing driver, André Ahrlé, whilst former Formula One drivers, Mika Häkkinen and David Coulthard also invest in the company.

It was set to acquire The Run To Group, which organises supercar roadtrips in locations including Monaco.

However, the deal fell through, meaning that Tertre Rouge is now set to leave the LSE in order to "save costs, reduce its administrative and regulatory burden, and provide it with flexibility to pursue other options".

In a statement issued on the LSE, Tertre Rouge said: "Over the past several months, the directors have held numerous meetings with potential investors.

"Whilst the initial feedback regarding the proposed acquisition was positive, the common theme of these meetings was the continuing tough conditions faced by the UK’s capital markets and the difficulty faced by pre-revenue issuers attempting to raise capital. The directors have since undertaken a strategic review of the business, given the feedback received to date from potential investors and the continuing difficult market conditions.

"Following this review, the directors have concluded that it is in the best interests of shareholders to take the necessary steps to cancel the company’s listing and admission to trading to reduce costs and the administrative burden of the public listing, since at this time the listing does not generate sufficient benefit to the company."

Co-founder and non-executive chairman, Steven Schapera, added: "We are disappointed that we have not been able to complete the proposed acquisition, and the board has determined that termination of these discussions is in the best interests of our shareholders.

"Unfortunately, despite our best efforts, we could not raise the necessary funds in what continues to be a difficult market environment.

"Whilst we appreciate this will come as a disappointment to our shareholders, it is in their best interests that we delist TRA whilst we explore alternative options."

Tertre Rouge is set to delist from the LSE on 13 August 2024.

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