Hopes raised for sale of LDV

Author: By Kelly Macnamara, Press Association

PricewaterhouseCoopers (PwC) confirmed talks with an unnamed party over the
sale of the business and assets of LDV Group and Birmingham Pressing Limited.

Administrators said that the potential purchaser has indicated it is looking
at the possibility of resuming production at the Birmingham-based firm’s
Washwood Heath site.

“It would not be appropriate to comment further on the identity of the
proposed purchaser at this time, given the confidentiality agreements in
place and as further due diligence, which could take several weeks, still
needs to be undertaken by them before any transaction can be concluded,” PwC

Most of LDV’s 850 workforce were made redundant in June after the firm
collapsed into administration following a failed rescue bid.

Administrators today said 34 employees remained at the Washwood Heath site.

LDV, which is owned by Russia’s GAZ, suffered financial difficulties,
culminating in production being halted in December.

In June a last-ditch rescue attempt failed after Malaysian company Weststar
could not raise funds to buy the business.

Today PwC said: “After an extensive marketing programme and discussions with a
range of potential purchasers, the administrators can confirm they are
engaged in dialogue with one party on an exclusive basis, with the hope of
achieving a sale of the business and assets.

“We can also confirm that the party has indicated that it is studying the
options for recommencing some production, at a time yet to be determined, at
the Washwood Heath site.”

View full article here

VN:F [1.9.15_1155]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.15_1155]
Rating: 0 (from 0 votes)

Tags: , , , , , , , , , , , , , , , , ,

Leave a Reply

Get Adobe Flash playerPlugin by wpburn.com wordpress themes