Imports stopped as receiver sent in
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• Imports of Romanian Dacia and Indian Mahindra fourwheel-drive vehicles have been suspended after receivers were sent in to parent company MIT.
A spokesman for the company said he understood that as a result of the downturn in the UK economy, continued uncertainty over Dacia supplies and unrecovered debt from the Romanian company, Somersetbased MIT, had obtained an understanding from its bankers to provide continuing support in return for a substantial stake.
To the company's surprise and against the recommendation of the directors, this support has suddenly been withdrawn: 80 Mahindra dealers had been established and the directors are said to be shocked by the decision.
They have also expressed regret over the implication for dealers, staff and suppliers of the move.
Receiver Martin Lloyd of Pannell Kerr Forster told CM that several organisations have indicated an interest in buying either one or both concessions and that negotiations are in progress.
It is likely that they will be sold off separately.
Both importers have withdrawn from the Motor Show, so none of the off-road products, including the recently announced Dacia Duster LWB, will be on display.
According to Lloyd, vehicles are in good supply in the UK and outstanding orders should be fulfilled.