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Queueing for buyouts

6th May 1993, Page 20
6th May 1993
Page 20
Page 20, 6th May 1993 — Queueing for buyouts
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• Managers at Leyland flat have set the stage for buyouts of the truck building and parts businesses— but would-be rival bidders are waiting in the wings.

The buy-out team for the parts operation in Charley. Lanes say they will make an offer to the receivers by the middle of this month. And the receivers have agreed a price for the Leylandbased truck assembly plant with its MB() team led by John Gilchrist.

However, the receivers say they will keep an talking to other would-be bidders until a contract is signed, which is expected to be by the end of the month.

Rival bidders include Ian McKinnon, former managing director of the Leyland Bus operation, who has offered to buy the entire remaining business, which includes the Glasgow axle plant and the UK marketing operation as well as the truck plant.

The Birmingham van business has already been sold to a man

Leyland Daf in crisis

agement buyout team. McKinnon led his own IsilB0 at Leyland Bus in 1986, later selling the company to Volvo.

A spokesman for the receivers, who must seek the best deal for creditors, confirmed that they had met McKinnon.

David Little, operations director at Chorley and leader of the MBO team for the parts business. says venture capitalists are showing a lot of interest in their bid.

I= Leyland flat trucks built in the UK are to be re-engineered to meet the Euro-1 emissions legislation which comes into force this October.

The receivers have approved a budget of 050,000 for modifications by suppliers of engines, cabs and other components.

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