Yeoman Credit Racing
Encyclopedia
Yeoman Credit Racing was a name used by two different Formula One
motor racing teams in the early-1960s: the British Racing Partnership
(1959-60); and Reg Parnell Racing
(1960-63). The name was derived from commercial sponsorship arrangements, the first time that a Formula One racing team had changed their name in deference to sponsorship.
Yeoman Credit was a finance company founded by Joseph Samengo-Turner in the mid 1950s. By 1959/60 the company was being run by Joseph's sons Paul, William and Fabian. With an expanding business in financing retail motor sales, the Samengo-Turner brothers were looking at new ways of advertising Yeoman Credit. This led to a meeting with Ken Gregory of the British Racing Partnership, which resulted in the formation of the first fully sponsored Formula One Grand Prix Team – giving Yeoman Credit the opportunity to secure profile advertising in the press and on television.
Initially the team entered Formula Two, with only occasional Formula One races, but in they made the step to concentrate on a three-car Formula One team running 1959 Cooper T51
s, with mixed success. Unfortunately, during this time two of the team's drivers (Harry Schell
and Chris Bristow
) were killed while racing their cars.
In September 1960 the Yeoman Credit Racing identity and sponsorship funds were moved by the Samengo-Turner brothers to the newly-formed Reg Parnell Racing team, as relations between BRP and Yeoman Credit had broken down. BRP had to find a new sponsor and sourced new funding from the United Dominions Trust, a competitor of Yeoman Credit in the financing of retail motor sales. The Yeoman Credit team continued, now in its new dark-green-and-red liveried Cooper T53s, during . Despite a good start to the season with John Surtees winning the Glover Trophy at Goodwood
(the first 1.5 litre non-championship Formula One race), results did not come as expected and for the team decided to invest in new cars. These were commissioned from Eric Broadley
's Lola Cars company, and were the first Formula One design to emerge from the Lola stable. At the same time Yeoman Credit's parent company, Bowmaker Limited, decided that for the 1962 season the team's name should be changed to Bowmaker Racing. However, Broadley's Lola Mk4
cars did not prove as competitive as had been hoped, despite full works support from the Lola factory and pole position for their first race, the Dutch Grand Prix, Bowmaker withdrew their financial support before the start of the 1963 Formula One season
. Reg Parnell Racing survived the loss of funds, and the death of owner Reg Parnell
himself in 1964, and eventually merged with the British Racing Motors
works team in the late 1960s.
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
motor racing teams in the early-1960s: the British Racing Partnership
British Racing Partnership
British Racing Partnership was a racing team, and latterly constructor, from the United Kingdom. It was established by Alfred Moss and Ken Gregory — Stirling Moss's father and former manager respectively — in 1957 to run cars for Stirling, when not under contract with other firms.BRP ran a...
(1959-60); and Reg Parnell Racing
Reg Parnell Racing
Reg Parnell Racing was a privateer Formula One team during the 1950s and 1960s. The team was founded by ex-Formula One driver Reg Parnell after he retired from racing. The team's best results were a pair of second places in the British Grand Prix and the German Grand Prix of...
(1960-63). The name was derived from commercial sponsorship arrangements, the first time that a Formula One racing team had changed their name in deference to sponsorship.
Brief history
The first team to benefit from this commercial relationship was the British Racing Partnership, run by Ken Gregory and Alfred Moss, who were sponsored by Yeoman Credit Ltd. from August 1959.Yeoman Credit was a finance company founded by Joseph Samengo-Turner in the mid 1950s. By 1959/60 the company was being run by Joseph's sons Paul, William and Fabian. With an expanding business in financing retail motor sales, the Samengo-Turner brothers were looking at new ways of advertising Yeoman Credit. This led to a meeting with Ken Gregory of the British Racing Partnership, which resulted in the formation of the first fully sponsored Formula One Grand Prix Team – giving Yeoman Credit the opportunity to secure profile advertising in the press and on television.
Initially the team entered Formula Two, with only occasional Formula One races, but in they made the step to concentrate on a three-car Formula One team running 1959 Cooper T51
Cooper T51
The Cooper T51 was a Formula One and Formula Two racing car designed and built by the Cooper Car Company for the 1959 Formula One season. The T51 earned a significant place in motor racing history when Jack Brabham drove the car to become the first driver to win the championship with a rear-engined...
s, with mixed success. Unfortunately, during this time two of the team's drivers (Harry Schell
Harry Schell
Harry O'Reilly Schell was an American Grand Prix motor racing driver.-Early life:...
and Chris Bristow
Chris Bristow
Chris Bristow , was a British Formula One driver from England....
) were killed while racing their cars.
In September 1960 the Yeoman Credit Racing identity and sponsorship funds were moved by the Samengo-Turner brothers to the newly-formed Reg Parnell Racing team, as relations between BRP and Yeoman Credit had broken down. BRP had to find a new sponsor and sourced new funding from the United Dominions Trust, a competitor of Yeoman Credit in the financing of retail motor sales. The Yeoman Credit team continued, now in its new dark-green-and-red liveried Cooper T53s, during . Despite a good start to the season with John Surtees winning the Glover Trophy at Goodwood
Goodwood Circuit
Goodwood Circuit is an historic venue for both two- and four-wheeled motorsport in the United Kingdom. The 2.4 mile circuit is situated near Chichester, West Sussex, close to the south coast of England, on the estate of Goodwood House, and completely encircles Chichester/Goodwood Airport...
(the first 1.5 litre non-championship Formula One race), results did not come as expected and for the team decided to invest in new cars. These were commissioned from Eric Broadley
Eric Broadley
Eric Broadley MBE is a British entrepreneur, engineer, and founder and former chief designer of Lola Cars, the motor racing manufacturer and engineering company. He is arguably one of the most influential automobile designers of the post-war period, and over the years Lola has had a hand in many...
's Lola Cars company, and were the first Formula One design to emerge from the Lola stable. At the same time Yeoman Credit's parent company, Bowmaker Limited, decided that for the 1962 season the team's name should be changed to Bowmaker Racing. However, Broadley's Lola Mk4
Lola Mk4
The Lola Mk4 and the derivative Mk4A were Formula One racing cars constructed by the Lola company in 1962. They were designed by Lola founder, owner and Chief Designer Eric Broadley at the request of Reg Parnell, proprietor of the Bowmaker Racing Team...
cars did not prove as competitive as had been hoped, despite full works support from the Lola factory and pole position for their first race, the Dutch Grand Prix, Bowmaker withdrew their financial support before the start of the 1963 Formula One season
1963 Formula One season
The 1963 Formula One season was the 14th season of FIA Formula One motor racing. It featured the 14th FIA World Championship of Drivers, the sixth International Cup for F1 Manufacturers and numerous non-championship Formula One races...
. Reg Parnell Racing survived the loss of funds, and the death of owner Reg Parnell
Reg Parnell
Reginald Harold Haslam Parnell was a racing driver and team manager from England. He participated in seven Formula One World Championship Grands Prix, achieving one podium, and scoring a total of 9 championship points.-Driving career:Before World War II Parnell was a very successful racing...
himself in 1964, and eventually merged with the British Racing Motors
British Racing Motors
British Racing Motors was a British Formula One motor racing team. Founded in 1945, it raced from 1950 to 1977, competing in 197 Grands Prix and winning 17. In 1962, BRM won the Constructors' Title. At the same time, its driver, Graham Hill became World Champion...
works team in the late 1960s.