Lord Stokes denied reports that the Government might take a controlling stake in his company — Britain’s biggest exporters — for up to £70,000,000. Lord Stokes , who is chairman of the company, said: “We have not asked the Government for money . We have no plan to do so.”
A spokesman for Counter Information Services , a left wing group of academics and journalists which produced a critical report on British Leyland last year , said yesterday: “I don’t think the company is in a position to survive. It has not got enough cash to carry on . I think it will be at least partly nationalised.“
The company has admitted that it was ” clobbered ” by the three – day week. But it insists that the after tax profits £27,800,000 in the last financial year were enough to cope with the problems the power crisis caused.
A spokesman said yesterday: “The resources available to us are sufficient to meet all our financial requirements . We have very substantial facilities with the banks.”
The rumours of financial trouble have been fanned by labour disputes at the company’s Cowley works , which produce a third of its cars.
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.
Latest posts by Keith Adams (see all)
- The cars : MGF and TF development story (PR3) - 2 September 2018
- Concepts and prototypes : MGF during the MGA era (PR3) - 2 September 2018
- Around the World : Overseas operations - 27 August 2018