the MG-Rover news update topic !
Discussion
Just so all here can informed as to the real facts of the matter, i thought i'd create this thread since rumours can be way-off an thus pointless.
So if any here read whats seriously proposed, let us all know here.
An to start the ball rolling...
quote=
02 May 2005
Two of Russia's richest oligarchs are considering bids for MG Rover, the insolvent UK car maker, increasing the chances that the company will be bought outright from its administrators, PricewaterhouseCoopers.
Nikolai Smolenski, the 24-year-old millionaire who bought the British sports-car maker TVR last summer, is thought to have opened talks with PwC with a view to buying the group and recommencing manufacture of all models.
Meanwhile, Oleg Deripaska, the billionaire owner of the Russian car manufacturer Ruspromavto, is also reputed to be planning a bid. Reports in the Russian media said Mr Deripaska, a close friend of Chelsea Football Club's owner Roman Abramovich, is keeping a close eye on the situation, and believes the firm could fit well with his car businesses. Speaking to the Russian newspaper Pravda, Alexander Yushkevich, chairman of Ruspromavto, said: "MG Rover has a range of very interesting models - the 25, 45, 75. There are a lot of them in Russia in comparison with Italy's Fiat, for example."
Mr Yushkevich added there were many questions to be answered before any bid would be forthcoming. "Will the company be put up for auction with its debts? How heavy will the debt burden be? Will the company's team of managers and engineers stay? It will probably take a year to find answers to all those questions," he said.
Mr Smolenski is believed to be more committed to a bid, and is thought to be one of just two serious contenders talking to the administrators. Last week he visited Rover's Longbridge manufacturing site near Birmingham to inspect the facilities.
The other serious contender is believed to be Khodro, the Iranian state car manufacturer. It remains uncertain, however, whether the administrators will succeed in selling the whole company outright.
Shanghai Automotive Industry Corporation (SAIC), the Chinese company that pulled out of talks with Rover in March, is claiming to own the rights to two models - the 75 and 25 - as well as to two of its Powertrain engines.
SAIC told the administrators it would like to buy the equipment needed to manufacture these models. However, PwC believes this will not hinder the sale, revealing that it has retained the rights to several variants of all Rover models, which would allow any buyer to continue producing the entire range. But SAIC is insistent that it has exclusive rights.
Meanwhile, it emerged that the Phoenix Four, who bought Rover five years ago, are to lose the vast majority of their pensions. The four directors built up a fund of about £16.5m for themselves and some 85 senior employees, but let the main fund run up a deficit of more than £70m.
The executive pot is to be put into the Pensions Protection Fund, along with the main fund, ensuring the directors will receive no more than £25,000 a year.
- unquote
So if any here read whats seriously proposed, let us all know here.
An to start the ball rolling...
quote=
02 May 2005
Two of Russia's richest oligarchs are considering bids for MG Rover, the insolvent UK car maker, increasing the chances that the company will be bought outright from its administrators, PricewaterhouseCoopers.
Nikolai Smolenski, the 24-year-old millionaire who bought the British sports-car maker TVR last summer, is thought to have opened talks with PwC with a view to buying the group and recommencing manufacture of all models.
Meanwhile, Oleg Deripaska, the billionaire owner of the Russian car manufacturer Ruspromavto, is also reputed to be planning a bid. Reports in the Russian media said Mr Deripaska, a close friend of Chelsea Football Club's owner Roman Abramovich, is keeping a close eye on the situation, and believes the firm could fit well with his car businesses. Speaking to the Russian newspaper Pravda, Alexander Yushkevich, chairman of Ruspromavto, said: "MG Rover has a range of very interesting models - the 25, 45, 75. There are a lot of them in Russia in comparison with Italy's Fiat, for example."
Mr Yushkevich added there were many questions to be answered before any bid would be forthcoming. "Will the company be put up for auction with its debts? How heavy will the debt burden be? Will the company's team of managers and engineers stay? It will probably take a year to find answers to all those questions," he said.
Mr Smolenski is believed to be more committed to a bid, and is thought to be one of just two serious contenders talking to the administrators. Last week he visited Rover's Longbridge manufacturing site near Birmingham to inspect the facilities.
The other serious contender is believed to be Khodro, the Iranian state car manufacturer. It remains uncertain, however, whether the administrators will succeed in selling the whole company outright.
Shanghai Automotive Industry Corporation (SAIC), the Chinese company that pulled out of talks with Rover in March, is claiming to own the rights to two models - the 75 and 25 - as well as to two of its Powertrain engines.
SAIC told the administrators it would like to buy the equipment needed to manufacture these models. However, PwC believes this will not hinder the sale, revealing that it has retained the rights to several variants of all Rover models, which would allow any buyer to continue producing the entire range. But SAIC is insistent that it has exclusive rights.
Meanwhile, it emerged that the Phoenix Four, who bought Rover five years ago, are to lose the vast majority of their pensions. The four directors built up a fund of about £16.5m for themselves and some 85 senior employees, but let the main fund run up a deficit of more than £70m.
The executive pot is to be put into the Pensions Protection Fund, along with the main fund, ensuring the directors will receive no more than £25,000 a year.
- unquote
robdickinson said:
SO are russians adicted to poor quality low volume British car makers then?
Compared to Moskvich's, Zil's and Vaz's Rovers will be the height of luxury style and comfort. They will be exported to the East in their thousands. I wonder if they have done any extreme winter weather testing on them.
FourWheelDrift said:
SO are russians adicted to poor quality low volume British car makers then?
Compared to Moskvich's, Zil's and Vaz's Rovers will be the height of luxury style and comfort. They will be exported to the East in their thousands. I wonder if they have done any extreme winter weather testing on them.
Really! I'm not so sure now.
robdickinson said:Well if they were they'd also be trying to buy-up an Mercedes, as their quality has gone way down hill this century, whereas Renault, Peugeot an Fiat also have 'poor quality' issues going by customer surveys.
SO are russians adicted to poor quality low volume British car makers then?
An lets not forget GM, Ford, an BMW etc - they reliability levels are well below most far-east companies.
an i would't call a plant that has made 200,000+ cars per year 'low volume'
------------------------
BUT BACK TO THE NEWS...
Hundreds bid to buy bits of Rover
Administrators for MG Rover say there have been more than 200 expressions of interest by car manufacturers in buying parts of the stricken car firm.
Joint administrator Tony Lomas said there had been enquiries from south east Asia, the Middle East, India, Russia, China and from within the UK.
Reports say Iranian companies Saipa and Iran Khodro have expressed interest.
But both state-owned firms have since released statements denying they want to purchase Rover.
Mr Lomas said the administrators would be considering all the expressions of interest they had received.
Meanwhile the Iranian embassy in London has said that officials from car manufacturers in Iran were planning to hold talks about buying the rights and assets of MG Rover.
Intellectual rights
According to a semi-official Iranian news agency, ISNA, the companies in question were the state-owned manufacturers, Iran Khodro and SAIPA.
Iran Khodro is the largest carmaker in the Middle East, while SAIPA is the second-biggest carmaker in Iran.
But the deputy managing director of Iran Khodro, Mojtaba Shivapour, has issued a statement denying the report.
He said: "Iran Khodro has no such plan to purchase the British company."
And the managing director of Saipa, Ahmad Ghale Bani, made a similar denial in an interview with the Iranian student news agency ISNA.
He said: "We were contacted by Rover a month ago. But because of the undetermined situation of the British Rover company, we are not intending to purchase it."
But it is possible that a smaller private Iranian company called Dastaan may still be interested, said BBC correspondent in Tehran, Frances Harrison.
A spokesman for the Ministry of Industry in Iran confirmed that Dastaan has obtained permission to start up a Rover production line in Iran.
It was not clear how attractive the Dastaan offer will be to Rover because the company was not very well established in Iran, said our correspondent.
Iran Khodro makes Peugeot cars under licence
Redundancy money
MG Rover went into administration on 8 April after the collapse of talks over a possible rescue tie-up with China's largest car marker, Shanghai Automotive Industry Corporation (SAIC).
The BBC has since been told that SAIC, which owns the intellectual rights to the models, plans to build Rover cars in China.
What SAIC does not yet have is the right to use the Rover name. This is still held by BMW, which owned Rover from 1994 to 2000.
The Chinese are said to be confident they can secure from BMW the right to call the Shanghai-built cars Rovers.
Prime Minister Tony Blair has made £150m available to help those made redundant at MG Rover and the companies that supply it, a move backed by both Conservative leader Michael Howard, and Charles Kennedy from the Liberal Democrats.
About 5,000 of the 6,000 MG Rover employees have been made redundant since Rover collapsed, and now administrators for the stricken car maker say that a further 203 workers must go.
+ I recently read that by 2005 MGR has created upto 100 of its own car dealerships in Germany.
+++ on bbc newnight, Alchemy C.E.O john moulton called the deputy car union leader a 'Liar' about this affair, after he was called an 'asset stripper'.
oh I hit a nerve!
I can understand buying TVR, as expected with small volume sports cars it has some issues, but makes money (I expect...) and great cars, must be fun to run.
Rover/MG on the other hand dont own the name or (crappy)plant and only own the rights to make antique cars untill someone invests in new plant and models its a dead end. So basicaly start from scratch but with the brand names, and I'm not sure rover is worth it now, I'm sure MG is tho.
I can understand buying TVR, as expected with small volume sports cars it has some issues, but makes money (I expect...) and great cars, must be fun to run.
Rover/MG on the other hand dont own the name or (crappy)plant and only own the rights to make antique cars untill someone invests in new plant and models its a dead end. So basicaly start from scratch but with the brand names, and I'm not sure rover is worth it now, I'm sure MG is tho.
robdickinson said:
oh I hit a nerve!
I can understand buying TVR, as expected with small volume sports cars it has some issues, but makes money (I expect...) and great cars, must be fun to run.
Rover/MG on the other hand dont own the name or (crappy)plant and only own the rights to make antique cars untill someone invests in new plant and models its a dead end. So basicaly start from scratch but with the brand names, and I'm not sure rover is worth it now, I'm sure MG is tho.
Well if VW could transform the brand name Skoda into what it is now, it wouldnt take a great deal just to improve the Rover brand name from its current slightly old-man'ish image..
fire99 said:
Well if VW could transform the brand name Skoda into what it is now, it wouldnt take a great deal just to improve the Rover brand name from its current slightly old-man'ish image..
True, and we can make great cars and have the most productive plant in Europe. How much did VW get in grants etc to save skoda?
UPDATE TIME -
13th May 2005
Chapman Automotive Ltd is to submit a bid today to purchase assets related to MG from the administrators of MG Rover Group Ltd and Powertrain Ltd, PricewaterhouseCoopers. Today, 13th May, is the deadline for bids set by the administrators.
Finance for the bid - which relates only to the MG brand, the TF two-seater sports car and associated manufacturing equipment – is supported by a consortium of investors including an overseas vehicle manufacturer, a US-based investment fund and a wealthy entrepreneur.
The Chapman Automotive plan sees the revival of the MG TF model only and the transfer of its production from Longbridge to another facility in the West Midlands. It does not include the MG range of saloons, hatchbacks and estate cars.
It is envisaged that production will commence later this year, with sales through a revived dealer network in the UK, Europe and other right-hand drive markets. A return to the US market is predicted within the medium term.
Chapman Automotive was founded by Colin Spooner, former design director of Lotus Cars; Colin Cushing, founder of Canewdon Consultants Group; and Barrie Wills, who, for the last 20 years has acted as a consultant to mature and emergent car OEMs.
Past clients of the three include Proton, Lotus, Lamborghini, Ford, Fiat, Yulon Motors, Eicher Motors, Iran Khodro, Tianjin Auto, Kia and Tata Motors.
Chapman Automotive says it will make no further comments until further notice.
www.autowired.co.uk reported yesterday that a group of former Powertrain executives were also among bidders for the MG sports car operation.
13th May 2005
Chapman Automotive Ltd is to submit a bid today to purchase assets related to MG from the administrators of MG Rover Group Ltd and Powertrain Ltd, PricewaterhouseCoopers. Today, 13th May, is the deadline for bids set by the administrators.
Finance for the bid - which relates only to the MG brand, the TF two-seater sports car and associated manufacturing equipment – is supported by a consortium of investors including an overseas vehicle manufacturer, a US-based investment fund and a wealthy entrepreneur.
The Chapman Automotive plan sees the revival of the MG TF model only and the transfer of its production from Longbridge to another facility in the West Midlands. It does not include the MG range of saloons, hatchbacks and estate cars.
It is envisaged that production will commence later this year, with sales through a revived dealer network in the UK, Europe and other right-hand drive markets. A return to the US market is predicted within the medium term.
Chapman Automotive was founded by Colin Spooner, former design director of Lotus Cars; Colin Cushing, founder of Canewdon Consultants Group; and Barrie Wills, who, for the last 20 years has acted as a consultant to mature and emergent car OEMs.
Past clients of the three include Proton, Lotus, Lamborghini, Ford, Fiat, Yulon Motors, Eicher Motors, Iran Khodro, Tianjin Auto, Kia and Tata Motors.
Chapman Automotive says it will make no further comments until further notice.
www.autowired.co.uk reported yesterday that a group of former Powertrain executives were also among bidders for the MG sports car operation.
13 May 2005
Chapman Automotive Limited says that it is in the final stages of putting together a bid to purchase assets related to MG from the administrators of MG Rover Group Limited and Powertrain Limited, PricewaterhouseCoopers.
14 May 2005
An intellectual-property deal, inked last year between Shanghai Automotive and the troubled MG Rover, could give rise to a new arrangement that would make way for a version of the Rover 75 to be produced for the Chinese market — as well as preserve some engineering jobs at MGR’s Birmingham plant. The offer from the Chinese automaker, currently on the table, would involve British engineers designing cars in the UK to be constructed in China and branded as Shanghai Auto products. A new model based on the Rover 75, one of those to which SAIC bought the rights from MG Rover last year, officials of the Chinese automaker said last week, will be the first on the drawing board.
15 May 2005
Shanghai Automotive Industry Corp is determined to build its own cars as part of its ambitions to become a global company and expects to achieve this with a new joint venture with General Motors. GM chairman and chief executive Richard Wagoner announced that GM may cooperate with SAIC to develop their own independent brand.
urh! - So does this mean they dont expect now to be able to buy the MGR-75 tooling...?
16 May 2005
MG Rover administrators have told the BBC that about a dozen serious offers had been made for parts of the defunct business by the late Friday deadline.
17 May 2005
A bank offer to help struggling MG Rover dealers shift unsold new and ex-demonstrator cars is being outlined at a meeting in the West Midlands.
Wednesday May 18, 2005
Work has begun on building a technology park on 16 hectares (40 acres) of land previously owned by the collapsed car company MG Rover, it emerged yesterday.
It is thought that 2,500 jobs will be created at the site in Longbridge, Birmingham, part of which was sold to the regional development agency Advantage West Midlands (AWM) two years ago.
Plans for a Longbridge Technology Park, straddling the carmaker's former north and south works, include research and development as well as production facilities. Community resources, such as a pub and a nursery, have also been proposed.
...an in light of all this, heres some uk stats...
The SMMT has published its Motor Industry Facts - guide to 2004 facts and figures for the UK automotive sector.
Some of the key findings include:
2004 manufacturing data:
- Industry exports valued at £21.5 billion, car exports at record numbers in 2004
- Over 800,000 employees directly dependent on automotive sector
- Sector turnover £47 billion in 2004
- Nissan (Sunderland), Toyota (Burnaston) and Honda (Swindon) top three car producers in 2004
2004 car market data:
- 314,239 more new superminis left showrooms in 2004 compared to 10 years ago
- An estimated 30.6 million cars on the road in the UK
- Average age of a car country-wide is 6.8 years
- 10.3 million combined new and used car sales in 2004
2004 commercial vehicle market data:
- production breaks 200,000 unit barrier for first time in six years
- Surge in market for new 2.6 to 3.5 tonne vans, up 167 per cent to 195,814 units on 1995 levels
- 61.2 per cent produced in the UK now destined for export markets
~~~~~~~~~~~~~~
>> Edited by vlc on Wednesday 18th May 20:04
Chapman Automotive Limited says that it is in the final stages of putting together a bid to purchase assets related to MG from the administrators of MG Rover Group Limited and Powertrain Limited, PricewaterhouseCoopers.
14 May 2005
An intellectual-property deal, inked last year between Shanghai Automotive and the troubled MG Rover, could give rise to a new arrangement that would make way for a version of the Rover 75 to be produced for the Chinese market — as well as preserve some engineering jobs at MGR’s Birmingham plant. The offer from the Chinese automaker, currently on the table, would involve British engineers designing cars in the UK to be constructed in China and branded as Shanghai Auto products. A new model based on the Rover 75, one of those to which SAIC bought the rights from MG Rover last year, officials of the Chinese automaker said last week, will be the first on the drawing board.
15 May 2005
Shanghai Automotive Industry Corp is determined to build its own cars as part of its ambitions to become a global company and expects to achieve this with a new joint venture with General Motors. GM chairman and chief executive Richard Wagoner announced that GM may cooperate with SAIC to develop their own independent brand.
urh! - So does this mean they dont expect now to be able to buy the MGR-75 tooling...?
16 May 2005
MG Rover administrators have told the BBC that about a dozen serious offers had been made for parts of the defunct business by the late Friday deadline.
17 May 2005
A bank offer to help struggling MG Rover dealers shift unsold new and ex-demonstrator cars is being outlined at a meeting in the West Midlands.
Wednesday May 18, 2005
Work has begun on building a technology park on 16 hectares (40 acres) of land previously owned by the collapsed car company MG Rover, it emerged yesterday.
It is thought that 2,500 jobs will be created at the site in Longbridge, Birmingham, part of which was sold to the regional development agency Advantage West Midlands (AWM) two years ago.
Plans for a Longbridge Technology Park, straddling the carmaker's former north and south works, include research and development as well as production facilities. Community resources, such as a pub and a nursery, have also been proposed.
...an in light of all this, heres some uk stats...
The SMMT has published its Motor Industry Facts - guide to 2004 facts and figures for the UK automotive sector.
Some of the key findings include:
2004 manufacturing data:
- Industry exports valued at £21.5 billion, car exports at record numbers in 2004
- Over 800,000 employees directly dependent on automotive sector
- Sector turnover £47 billion in 2004
- Nissan (Sunderland), Toyota (Burnaston) and Honda (Swindon) top three car producers in 2004
2004 car market data:
- 314,239 more new superminis left showrooms in 2004 compared to 10 years ago
- An estimated 30.6 million cars on the road in the UK
- Average age of a car country-wide is 6.8 years
- 10.3 million combined new and used car sales in 2004
2004 commercial vehicle market data:
- production breaks 200,000 unit barrier for first time in six years
- Surge in market for new 2.6 to 3.5 tonne vans, up 167 per cent to 195,814 units on 1995 levels
- 61.2 per cent produced in the UK now destined for export markets
~~~~~~~~~~~~~~
>> Edited by vlc on Wednesday 18th May 20:04
19 May 2005
The MG Rover Task Force has established a £20 million cash lifeline to suppliers and dealers hit by the collapse of the Longbridge car plant.
Advantage West Midlands has set up the Advantage Transition Bridge Fund in record time. The support package was first announced by the Department of Trade and Industry 18 days ago on 15 April 2005.
The fund will make available loans of up to £500,000 to companies in the MG Rover supply chain and to dealerships which face an uncertain future as a result of lost orders and unpaid bills following the car-maker’s collapse.
The Advantage Transition Bridge Fund is being run by a company limited by guarantee with a board of volunteers from the professional services community, including bankers, accountants and lawyers.
Loans from the fund will be available to suppliers or dealers facing financial difficulty as a result of the MG Rover situation and having a viable recovery plan but insufficient finance from normal sources to implement it. The loans are for up to three years, dependent on the requirements of the recovery plan.
It is estimated that about 600 Rover suppliers are owed a total of up to £200 million and that between 5,000 and 12,500 jobs are at risk outside the car-maker itself.
Paul Wheeler, former associate director of business support at Barclays Bank, has been appointed as the fund’s chief executive.
Nick Paul, Chairman of Advantage West Midlands and the MG Rover Task Force, said: “I am delighted we have been able to respond so quickly and positively to a clear need identified by the business community.
“Some basically healthy and viable companies will survive the Longbridge collapse thanks to the Advantage Transition Bridge Fund which will provide an urgent injection of cash to tide them over.
“There are times when the cash-flow pressures on a business get so great they can’t survive. The banks can do no more. Invoice discounting options have been exhausted. Even directors’ loans and personal guarantees aren’t enough.
“We expect this fund to be in great demand and we firmly believe it will go a long way towards buying businesses the time they need to re-structure themselves. This fund will help to save manufacturing jobs in the West Midlands.”
Paul Wheeler, the fund’s chief executive, said: “The fund is now open for business. We are keen to hear from any companies in difficulty because we may very well be able to help.
“We are aware that companies in cash-flow difficulties may need a decision very quickly indeed and our aim is to react as swiftly as possible. The whole point of the fund is to help save MG Rover suppliers and dealerships and the thousands of jobs they represent.
“Through no fault of their own, there are businesses which are struggling to survive. If they can provide us with a viable plan for recovery and if they have the support of their bankers and advisors, then we can help them turn things round.”
The fund will not generally require personal security though it will take a charge on business assets. The sums of money available range from £50,000 to £500,000.
Only businesses facing financial difficulty as a result of the MG Rover crisis qualify for support. As a general rule, MG Rover must have represented at least 15 per cent of their business either directly or indirectly.
Exceptionally businesses which had a lower level of turnover with MG Rover may be considered for support if their need demonstrably arises from the MG Rover situation.
Businesses interested in taking advantage of the Advantage Transition Bridge Fund should call 0121 200 8195.
The MG Rover Task Force has established a £20 million cash lifeline to suppliers and dealers hit by the collapse of the Longbridge car plant.
Advantage West Midlands has set up the Advantage Transition Bridge Fund in record time. The support package was first announced by the Department of Trade and Industry 18 days ago on 15 April 2005.
The fund will make available loans of up to £500,000 to companies in the MG Rover supply chain and to dealerships which face an uncertain future as a result of lost orders and unpaid bills following the car-maker’s collapse.
The Advantage Transition Bridge Fund is being run by a company limited by guarantee with a board of volunteers from the professional services community, including bankers, accountants and lawyers.
Loans from the fund will be available to suppliers or dealers facing financial difficulty as a result of the MG Rover situation and having a viable recovery plan but insufficient finance from normal sources to implement it. The loans are for up to three years, dependent on the requirements of the recovery plan.
It is estimated that about 600 Rover suppliers are owed a total of up to £200 million and that between 5,000 and 12,500 jobs are at risk outside the car-maker itself.
Paul Wheeler, former associate director of business support at Barclays Bank, has been appointed as the fund’s chief executive.
Nick Paul, Chairman of Advantage West Midlands and the MG Rover Task Force, said: “I am delighted we have been able to respond so quickly and positively to a clear need identified by the business community.
“Some basically healthy and viable companies will survive the Longbridge collapse thanks to the Advantage Transition Bridge Fund which will provide an urgent injection of cash to tide them over.
“There are times when the cash-flow pressures on a business get so great they can’t survive. The banks can do no more. Invoice discounting options have been exhausted. Even directors’ loans and personal guarantees aren’t enough.
“We expect this fund to be in great demand and we firmly believe it will go a long way towards buying businesses the time they need to re-structure themselves. This fund will help to save manufacturing jobs in the West Midlands.”
Paul Wheeler, the fund’s chief executive, said: “The fund is now open for business. We are keen to hear from any companies in difficulty because we may very well be able to help.
“We are aware that companies in cash-flow difficulties may need a decision very quickly indeed and our aim is to react as swiftly as possible. The whole point of the fund is to help save MG Rover suppliers and dealerships and the thousands of jobs they represent.
“Through no fault of their own, there are businesses which are struggling to survive. If they can provide us with a viable plan for recovery and if they have the support of their bankers and advisors, then we can help them turn things round.”
The fund will not generally require personal security though it will take a charge on business assets. The sums of money available range from £50,000 to £500,000.
Only businesses facing financial difficulty as a result of the MG Rover crisis qualify for support. As a general rule, MG Rover must have represented at least 15 per cent of their business either directly or indirectly.
Exceptionally businesses which had a lower level of turnover with MG Rover may be considered for support if their need demonstrably arises from the MG Rover situation.
Businesses interested in taking advantage of the Advantage Transition Bridge Fund should call 0121 200 8195.
D A T E : Friday, May 20, 2005
Five in race for MG Rover
PRICE WATERHOUSE Coopers, the administrator of MG Rover, is considering proposals from five potential buyers.
Two of the proposals relate just to the MG sportscar business. The other three concern the rest of the business.
The administrator has narrowed down the list of potential buyers from about a dozen last week.
Would-be buyers of the Rover assets are considering whether it is viable to recommence production at Longbridge or to relocate elsewhere, PwC said.
"While there is still an outside possibility that some form of car production could recommence at Longbridge, the cost and complexity of the challenge should not be underestimated," said joint administrator, Tony Lomas.
Administrators will report to creditors on the future of the business on June 10.
Five in race for MG Rover
PRICE WATERHOUSE Coopers, the administrator of MG Rover, is considering proposals from five potential buyers.
Two of the proposals relate just to the MG sportscar business. The other three concern the rest of the business.
The administrator has narrowed down the list of potential buyers from about a dozen last week.
Would-be buyers of the Rover assets are considering whether it is viable to recommence production at Longbridge or to relocate elsewhere, PwC said.
"While there is still an outside possibility that some form of car production could recommence at Longbridge, the cost and complexity of the challenge should not be underestimated," said joint administrator, Tony Lomas.
Administrators will report to creditors on the future of the business on June 10.
MIDLAND BUSINESSMAN, Martin Moseley, has put together a Taiwanese-backed bid to buy MG Rover in its entirety.
But the haulage boss who, with his brother Michael, owns Olton International Freight of Hockley Heath, Solihull, told AutoWired that the rescue plan is being delayed by administrators, Price Waterhouse Coopers.
The 50-year-old businessman told AutoWired that he has been working 18-hrs a day for 6-weeks on the bid. He has raised $400m from a Taiwanese tycoon and submitted his bid before last Friday's deadline.
"I couldn't buy it on my own but now I have the money we are in with a shout," he said.
"The money will not only allow us to acquire the business but, also, enable us to re-start production and re-hire 75% of the workforce."
Although the administrators have refused a meeting with the straight-talking Moseley, he has already been in contact with Shanghai Automotive to start negotiations on buying-back the rights. "They will either sell them to me or we will do a deal," he said.
But-back lease on Longbridge
Also featuring in his plans is to buy-back the lease on the Longbridge site from Modwen Properties. "I am confident that I will get the site back into company ownership. I will put pressure on the council and planning departments.
"I have got no ulterior motive," he stressed. "I do not want big salaries or big country houses - I already have them.
"I want to get this company up and running and to get people back buying these cars. I have come up with the money - and nobody else has done that - and I want to prevent the company being sold-off in bits and pieces."
Austin Healey Revivived
Mr Moseley said his plans for production were still being finalised but models like the MG ZTT and ZT, the Rover 75 and 45 would definitely be retained. "I don't know about the 25 model yet but we may restart an Austin Healey soft top."
He said that he has already had 'serious discussions' with Richard Cort, chairman of the MG Rover dealer council. One sticking point is that in any deal which MR Moseley pulls-off, he will expect the £25m-worth of cars currently in stock to be included in the deal. He said he has already asked Capital Bank Motor to desist from selling these at discounted prices.
As many as possible of current dealers will be retained within the bid.
"My main concern is to get the plant running, get two new models launched and put a few other bits and pieces in place," he said.
Olton International Freight currently runs a 35-strong fleet of trucks and cars - including 6 Rovers.
Price Waterhouse Coopers would not comment saying it never comments on individual expressions of interest received.
But the haulage boss who, with his brother Michael, owns Olton International Freight of Hockley Heath, Solihull, told AutoWired that the rescue plan is being delayed by administrators, Price Waterhouse Coopers.
The 50-year-old businessman told AutoWired that he has been working 18-hrs a day for 6-weeks on the bid. He has raised $400m from a Taiwanese tycoon and submitted his bid before last Friday's deadline.
"I couldn't buy it on my own but now I have the money we are in with a shout," he said.
"The money will not only allow us to acquire the business but, also, enable us to re-start production and re-hire 75% of the workforce."
Although the administrators have refused a meeting with the straight-talking Moseley, he has already been in contact with Shanghai Automotive to start negotiations on buying-back the rights. "They will either sell them to me or we will do a deal," he said.
But-back lease on Longbridge
Also featuring in his plans is to buy-back the lease on the Longbridge site from Modwen Properties. "I am confident that I will get the site back into company ownership. I will put pressure on the council and planning departments.
"I have got no ulterior motive," he stressed. "I do not want big salaries or big country houses - I already have them.
"I want to get this company up and running and to get people back buying these cars. I have come up with the money - and nobody else has done that - and I want to prevent the company being sold-off in bits and pieces."
Austin Healey Revivived
Mr Moseley said his plans for production were still being finalised but models like the MG ZTT and ZT, the Rover 75 and 45 would definitely be retained. "I don't know about the 25 model yet but we may restart an Austin Healey soft top."
He said that he has already had 'serious discussions' with Richard Cort, chairman of the MG Rover dealer council. One sticking point is that in any deal which MR Moseley pulls-off, he will expect the £25m-worth of cars currently in stock to be included in the deal. He said he has already asked Capital Bank Motor to desist from selling these at discounted prices.
As many as possible of current dealers will be retained within the bid.
"My main concern is to get the plant running, get two new models launched and put a few other bits and pieces in place," he said.
Olton International Freight currently runs a 35-strong fleet of trucks and cars - including 6 Rovers.
Price Waterhouse Coopers would not comment saying it never comments on individual expressions of interest received.
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