Ant Anstead Speaks Out Amid His Company's Bankruptcy Filing, Fraud Allegations (Exclusive)

Ant Anstead is speaking out after his company, Radford Motors, filed for bankruptcy.

The British-born master mechanic and TV presenter, best known in the U.S. for his appearances on HGTV and as the boyfriend of Oscar winner Renée Zellweger, shared a statement exclusively with PEOPLE after his supercar company filed for bankruptcy on Wednesday amid several lawsuits filed by his business partners alleging fraud and mismanagement on the part of the star.

Anstead remains "fully committed" to Radford despite its current "challenges," he said.

"Radford is implementing strategic organizational enhancements while maintaining full operational continuity. I remain fully committed to advancing Radford's vision and growth. My role and dedication to Radford's success continue unchanged," he shared.

He continued, "Along with [cofounder and F1 champ] Jenson [Button], we maintain our foundational commitment to excellence that has defined Radford from day one. As founders, we understand the unique challenges that come with building a premium automotive brand, including the critical importance of having partners whose values and vision align completely with our mission."

"Like many entrepreneurial ventures, our journey has presented both opportunities and challenges. Throughout this evolution, our unwavering focus remains on delivering exceptional value to our clients while honoring Radford's storied legacy. We are grateful for the continued support of our community and remain fully dedicated to advancing the brand's prestigious heritage."

The Celebrity IOU: Joyride host is a co-founder of the company, which revived the formerly defunct British automaker Radford in August 2020 with the goal of building the Lotus-Radford Type 62-2 supercar.

Anstead spoke to PEOPLE about the high-stakes project in April 2023 ahead of the release of a docuseries, Radford Reborn, about the creation of the vehicle.

"This is personally a huge risk for me," Anstead said. "We have seven people, and we privately funded this. We are doing it. We're risking everything."

"I knew that we were taking on a monumentally difficult project in an industry that's really tough because we are up against some big brands with some big funding. We just had to collectively believe in what we were doing," he continued.

But at the time, Anstead maintained his project would be a success.

"We are now moving into production," he shared from the new Radford headquarters in Costa Mesa, California. "We've sold a number of cars to collectors all over the world, and we are now delivering those cars."

Radford's bankruptcy filing comes after several of Anstead's business partners have taken legal action against him.

In March 2024, one of his investors, Pastor (Pat) Velasco, filed a lawsuit against the TV star and one of his co-founders, Daniel Bednarski, claiming he's owed $2 million.

Several months later, on July 24, co-owner Roger N. Behle Jr. filed a complaint alleging Anstead and Bednarski mismanaged the company's finances.

The July complaint alleges that Anstead and Bednarski — who the filing claims was Anstead's life coach before becoming Radford's chief financial officer — secured a new sale of $100,000. However, hours after the money was wired, Anstead and Bednarski "took $54,635.52 from this deposit and used it to pay a vendor for work unrelated to the new client's vehicle," the complaint reads.

It continues, "Twenty-nine minutes after the first wire was sent, Bednarski took more of the new client's funds and paid himself $20,000 via wire."

The suit further claims they allegedly paid for personal expenses like auto insurance with company funds.

On April 26, the company filed a counterclaim against Velasco, Behle, and others.

In a statement to PEOPLE on Wednesday Oct. 23, Bednarski explained the decision to file for bankruptcy,

"Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future," the statement reads in part. "During this process, it's expected that certain ownership transitions will occur, which is an important step in our evolution. We are excited about the road ahead and remain focused on continuing business as usual with renewed energy and purpose."

Behle and Velasco declined to comment and Anstead's attorney could not be reached.

Anstead's legal troubles have landed as he's about to premiere his latest TV show in the U.K., Ant Anstead: Born Mechanic. The show premieres on the U.K. network Quest and Discovery+ on Thursday, October 24. It follows his journey rebuilding a historic home while funding the renovation by selling classic cars he restores.

He previously appeared on HGTV's Christina on the Coast alongside his then-wife, Christina Haack. The pair were married from 2018 until 2021 and share son Hudson, 5. Anstead also hosted the Discovery+ series Celebrity IOU: Joyride, where he met Zellweger, whom he's been dating since June 2021.