A businessman has turned down an offer of more than £6 million for his F1 registration PLATE, it has emerged.
Afzal Kahn has spent hundreds of thousands of pounds building up one of the country’s most impressive private plate collections.
And the most desirable of the registrations is his beloved ‘F1’, which sits on the front of his Bugatti Veyron supercar.
The entrepreuneur caused a stir when, in 2008, he paid a staggering £440,000 for the cherished plate – a British record.
But it’s proven to be a savvy investment with the plate’s value increasing by more than ten times after one ultra-rich individual offered #6 million for it.
The staggering sum of money could have bought six Bugatti Veyrons, 75 Range Rovers or 600 Ford Fiestas.
However, Mr Kahn, who runs A Kahn Design in Bradford, rejected the offer believing it is worth considerably more.
A spokesperson for the firm said: “We have received a significant multi-million pound offer for the F1 plate which we rejected out of hand.
“Mr Kahn has no interest in selling F1, which is his favourite plate.
“Cherished number plates, unlike property or other investments tend not to fluctuate in value, they only go up.
“It really shouldn’t be a shock to people that the number plate is worth millions of pounds.”
The 109-year-old registration was on a modest Volvo S80 when Kahn bought the plate in 2008.
It was used by the chairman of Essex County Council with the local authority using the funds from the sale to raise money for a charity which aimed to raise the standards for young drivers.
‘F1’ now makes up part of Mr Kahn’s impressive plate collection which includes the registrations ‘4HRH’ and ‘NO1’.
In 2008, Abu Dhabi businessman Saeed Khouri, then 25, is understood to have paid £7.1 million on the registration plate ‘1’.