Leading motorsport clothing and technical equipment supplier Grand Prix Racewear has seen its long-term future secured after the acquisition of the company's assets by karting guru Martin Hines.

The company, which has been based at Silverstone circuit for more than 20 years, announced last month that it was to go through a 'restructuring process' after it was forced to suspend business due to trading difficulties.

However, the new deal will see GPR's purpose-built headquarters at Silverstone once again open for business and Hines – who has helped launch the career of a number of leading British drivers including Lewis Hamilton, Anthony Davidson and Gary Paffett – said he was delighted to have rescued the brand.

"Grand Prix Racewear is recognised as the Harrods of motorsport; the one place you can go to buy the leading brands from people who know the business inside out,” he said. “We want to continue to do what GPR does best - supply motorsport equipment to serious and professional motor racing drivers of all ages on a global basis.

"GPR will continue to provide customers with expert advice, value for money and the best products the motorsport market has to offer. It will also continue to specialise in safety equipment and stock all the top brands including Alpine Stars, Sparco, Puma, SABELT, OMP, Arai, BELL, Simpson and Stilo, to name but a few. We'll supply everyone from beginners to Formula 1 drivers and everyone from six to ninety-six years old can visit our emporium and find the very best equipment on the market.

"I've been involved in motorsport for forty years, and for over twenty of those years GPR has been associated with excellence. It's a brand I know very well, and one which I, like many involved in motorsport, are passionate about. It's a British motorsport institution known throughout the world, and I believe now is the right time to invest in GPR and secure its long-term success."