Andy Palmer, president and group CEO of Aston Martin Lagonda (www.astonmartin.com), has announced plans to create the Palmer Foundation — a privately funded programme to offer industrial apprenticeship opportunities for young people in the UK.

Mr Palmer said: “Young people can struggle to get on the first rung of the career ladder, so we are creating the Palmer Foundation to help get them into high-quality apprenticeships.

“A person’s background should never preclude them from achieving their potential, and in this case becoming what could turn out to be some of the best engineers of their generation.

“This is just the beginning for the Palmer Foundation.

“In time, the engineering scholarship will be joined by other areas, such as marketing, design and legal careers.”

Working with partners that include the Rio Ferdinand Foundation, the Palmer Foundation will provide a pathway for youth development by inspiring young people and providing the tools they need to tap into their natural talents and reach their potential.

It will operate independently of the apprenticeship scheme at Aston Martin Lagonda, which in September welcomed its biggest ever intake — 50 apprentices and 26 graduate trainees.

“Apprenticeships provide a kick-start to a young person’s chosen career,” said Mr Palmer. “They offer relevant experience, specialist guidance and support, as the apprentices study for recognised qualifications, while building useful industry contacts — and earning while they learn.”

Details of the scheme and its launch schedule are to be announced later in the year.