Finance deal paves way for deliveries by Nicky Clarke •
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Operators who have ordered Leyland Daf trucks since the receivership can take delivery of them following a dealer financing package between Leyland Daf Finance and the receiver.
When the receiver was appointed on 2 February there was a freeze on the movement of finished vehicles pending the settlement of their ownership and the payment of debts between Leyland Daf Finance and Leyland Daf. Leyland Daf refuses to divulge details of the financing arrangements, saying they are commercially confidential.
Last week a rescue package was put in place which enabled a new company, Daf Trucks NV, to be set up in Eindhoven—but this does not include the UK operations.
The UK receiver says it has secured potential supply agree ments for axles and components from the Albion plant, pressings from Washwood Heath in Birmingham, and components from Leyland.
Management buy-out plans at the van plant and Leyland truck assembly plant (which will concentrate on production of the 45 Series) are still in the pipeline (CM 18-24 Feb). Both buyout teams intend to seek financing soon: it is expected that Daf Trucks would sell the 45 Series on the Continent. El Distribution of vehicles by Edcrest was resumed last week and the receiver is expected to get parts distribution under way again later this week.
Renault has agreed to sub-contract 190 Leyland Daf workers on the Excel van project for the next few months.
The receiver says it will now honour all warranties.