AceShowbiz - Ant Anstead's bespoke car company, Radford Motors, has filed for Chapter 11 bankruptcy, according to court documents obtained by PEOPLE. He revived historic retailer Radford Motors in 2021 with the help of Formula One driver Jenson Button and designer Mark Stubbs. However, the venture has faced financial difficulties.

Co-founder Daniel Bednarski stated that Radford Motors is undergoing a Chapter 11 Business restructure to strengthen its foundation. He indicated that ownership transitions would occur but did not elaborate on the specific changes.

Anstead and Bednarski have been accused of fraud and misrepresentation by former business partners. Pastor Velasco alleged that he was owed $2 million while Roger N. Behle Jr. accused them of mismanaging company finances and using company funds for personal expenses.

Despite the allegations, Bednarski emphasized the company's commitment to "unparalleled craftsmanship and excellence." He added that the bankruptcy move will ensure Radford Motors "continues to exceed client expectations and shape the future of luxury vehicles."

Anstead had previously acknowledged that launching Radford Motors was a significant financial risk. He explained that he and his team had privately funded the venture and risked "everything."

Anstead, who is dating Oscar winner Renee Zellweger, has not publicly addressed the bankruptcy. His representative has not responded to requests for comment.

Radford Motors specializes in creating bespoke luxury vehicles. Anstead initially aimed to re-imagine and develop supercars, with their first project being a Lotus Type 62. The company has since gained recognition within the automotive industry, with its vehicles winning awards at major motorsport events.