BL has received a further tranche of £75m of public funds towards the total of £300m earmarked by the Government for the company’s 1980-81 new model and rationalization plans. The cash, raised by the issue to the National Enterprise Board-BL’s parent company, of 150 million BL 50p ordinary shares, represents half of the £150m of state handouts upon which BL is authorized to draw this year on evidence of need.
The latest injection of Government money comes two weeks after Sir Michael Edwardes, the BL chairman, told the annual meeting that after last year’s pre-tax trading loss of £122.2m further losses this year were inevitable. Strikes in the United Kingdom, high interest rates, high inflation and a strong pound have put considerable pressure on the company’s cash flow.
Keith Adams
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)
- Blog : Rover 75 shown to the world – and torpedoed - 21 October 2018
- Concepts and prototypes : MG Rover RDX60 (2000-2005) - 21 October 2018
- The cars : MGF and TF development story (PR3) - 2 September 2018
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