Archive : £10 Million Loan For British Leyland

1 June 1970 Keith Adams 0

The Industrial Reorganisation Corporation is to grant British Leyland a £10m. renewable loan facility for plant modernization. A condition of the loan, which the I.R.C. says is to stimulate capital investment in machine tools, is that British Leyland buys ‘ British ‘.

The motor group was chosen because it is one of the biggest users of machine tools. but the l.R.C. says other companies could qualify for similar assistance. Equally the scheme could be extended outside the machine tool industry, already heavily subsidized by the l.R.C.. to other areas of industrial production.

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Keith Adams

Editor and creator AROnline at AROnline

Created www.austin-rover.co.uk in 2001 and built it up to become the world's foremost reference source for all things BMC, Leyland and Rover Group, before renaming it AROnline in 2007.

Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...

Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.