Luxury car maker Aston Martin has revealed that billionaire backer Lawrence Stroll’s consortium has increased its stake in the business.

Shares in the Warwickshire-based car firm lifted higher as a result in early trading on Friday.

Mr Stroll’s Yew Tree Consortium agreed a deal to purchase 26 million more ordinary shares, Aston Martin told shareholders.

It means Yew Tree has increased its stake by 3.27% to 26.23% of the firm.

It remains short of the 30% threshold at which significant shareholders need to declare whether they intend to launch a takeover offer for a company.

Mr Stroll, whose son Lance Stroll is a Formula One driver, was made chairman of Aston Martin after he first invested in the company in 2020.

Mr Stroll said: “The Yew Tree Consortium is delighted to increase its ownership in the company by 3.27%.

“This additional investment demonstrates the Yew Tree Consortium’s continuing confidence and belief in the future of Aston Martin.

“The company has delivered a major turnaround since the Yew Tree Consortium’s initial investment three years ago.

“We have rebuilt this iconic company, transforming it into an ultra-luxury brand, with a portfolio of highly desirable, performance-driven cars.

“This increased investment demonstrates our continuing, long-term commitment to the company, our conviction for the future and the shareholder value the company will deliver.”

Shares in Aston Martin were around 12% higher on Friday morning as a result.