Press Report : Hopes rise for the sale of LDV Group
Graeme Brown, Birmingham Post, 18th August, 2009
Hopes for a sale of stricken van-maker LDV have risen after the Administrators said they were in exclusive talks with a potential buyer. PricewaterhouseCoopers (PwC) confirmed talks with an unnamed party over the sale of the business and assets of LDV Group Limited and Birmingham Pressing Limited.
The 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 added.
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 LDV business and its’ assets. We can also confirm that the party has indicated that it is studying the options for recommencing some production at the Washwood Heath site.” A spokesperson for LDV Group Administrators, PwC
Most of LDV’s 850-strong workforce were made redundant in June after the firm collapsed into administration, following a failed rescue bid. Administrators said 34 employees remained at Washwood Heath. 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 was unable to raise funds to buy the business.
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 LDV business and its’ assets. We can also confirm that the party has indicated that it is studying the options for recommencing some production at the Washwood Heath site.”
[Source: Birmingham Post]
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