The merger will be completed in a few months and was undertaken in response to changes in the market, according to Peter Moores, head of sales and marketing at the FPFP. It will provide a better service to clients and will have stronger financial backing, he added.
Moores said the new combined company would retain the "hub and spoke" operational structure that Faraday has used since its inception in 2001. A central office, acting as the hub, will operate out of Faraday's existing headquarters in Rearsby, Leicestershire.
A team of employees from both organisations would then continue to work from home in locations across the UK to enable direct engagement with manufacturers, partners and funding bodies on a regional basis.