Yeoman Credit was a hire-purchase company specialising in the lending of motor vehicles, established by Joseph Samengo-Turner in the 1950s. By 1960 the company was being run by Joseph’s sons, Paul, William and Fabian.
The Samengo-Turner family were passionate about Formula One racing and in 1960 it was decided that the company would promote their business by sponsoring an F1 Grand Prix team. This led to a meeting with Ken Gregory of the racing team called British Racing Partnership (B. R. P.) and resulted in the formation of the first fully sponsored F1 Grand Prix team, giving Yeoman Credit the opportunity to secure public advertising in the press and on television.
Brand new Cooper T51s with Climax engines were purchased to compete in the 1960 F1 World Championship. The cars had unusual and distinctive red and meadow green colours making them instantly recognizable. 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 Yeoman Credit and B. R. P. had broken down. The Yeoman Credit team continued for the 1961 season.
In 1962 Yeoman Credit was absorbed into Bowmaker Ltd. For the 1962 F1 season, Bowmaker took over the sponsorship of the racing team and the name was duly changed to Bowmaker Racing. Bowmaker withdrew their financial support before the start of the 1963 F1 season.