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Government says no to E30m bailout of LDV
Page 7
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ionkin THE GOVERNMENT has ruled out a .#30m bailout for struggling British van manufacturer LDV.
Ministers said there was little prospect of providing the funds if the money was going to be used to pay for LDV's losses as parent company Gaz should provide the necessary funding. Gaz bought the former Leyland DAF Vans from private equity firm Sun Capital in July 2006 for £50m.
LDV marketing director Guy Jones says that "talks over a management buyout are in an advanced stage" and are led by outgoing Gaz chairman Erik Eberhardson. The company is looking to reinvent itself as a manufacturer of electric vans.
Eberhardson warned business secretary Lord Mandelson this week that LDV would collapse "within days" if it did not receive a £30m bridging loan, putting approximately 6,000 jobs -including those in its network of dealerships and suppliers at risk.
"We think the company has a strong potential future as an electric van manufacturer and the new ownership team. which is separate from Gaz. is prepared to invest its resources in that new venture," says Eberhardson.
The firm, which employs 900 people at its Washwood Heath plant in Birmingham, suspended productional the start of December due to plummeting sales.