The Castle Three Motor Company, which was planning a Morgan 3 Wheeler rival, insists its project is still on track despite failing to hit its crowdfunding target.

The firm was seeking finance through a crowdfunding drive. It was hoped that investors would purchase shares valued from £10 to generate the £200,000 required to complete the development and launch of a new sportscar. 

In a tweet earlier today, Castle Three bosses said: “Despite almost 70 investors and almost £30,000 invested we weren't able to meet our funding target. Many thanks to those who did invest.”

Castle Three planned to offer 20 per cent of the firm’s value to investors. Bosses said it needed to sell 60 cars a year to break even, but initially predicted 500 sales annually.

The car is described as a “three-wheeled sports vehicle for both the recreational motorist and motor sport enthusiast”. It marked the resurrection of the marque, which built 350 three-wheeled cars between 1919 and 1922.

Castle Three’s latest car has been sketched by motorcycle design house Xenophya Design, and is planned to be developed by GTME, a motorcycle engineering firm in Daventry.