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| Version 0 | Version 1 |
|---|---|
| Van firm LDV seeks government aid | Van firm LDV seeks government aid |
| (about 6 hours later) | |
| Struggling van-maker LDV has asked the government for millions of pounds in loans to help secure its future. | Struggling van-maker LDV has asked the government for millions of pounds in loans to help secure its future. |
| It wants access to bridging loans to tide it over while it presses ahead with plans for a management buy-out. | It wants access to bridging loans to tide it over while it presses ahead with plans for a management buy-out. |
| The company, which employs 900 people in Birmingham, has seen sales plummet and suspended production in December. | The company, which employs 900 people in Birmingham, has seen sales plummet and suspended production in December. |
| The management buy-out of the firm, currently owned by Russian company Gaz, aims to make it into the first big producer of electric vans in the UK. | |
| Gaz is controlled by oligarch Oleg Deripaska, a friend of Business Secretary Lord Mandelson. | Gaz is controlled by oligarch Oleg Deripaska, a friend of Business Secretary Lord Mandelson. |
| BBC business correspondent Martin Shankleman said the request for state help could cause Lord Mandelson political difficulties, after he was entertained by Mr Deripaska on his yacht over the summer. | BBC business correspondent Martin Shankleman said the request for state help could cause Lord Mandelson political difficulties, after he was entertained by Mr Deripaska on his yacht over the summer. |
| The company is warning the failure of its plans could cost 900 jobs directly and thousands more among suppliers. | The company is warning the failure of its plans could cost 900 jobs directly and thousands more among suppliers. |
| 'Sign of faith' | 'Sign of faith' |
| Outgoing Gaz chairman Erik Eberhardson hopes to led the management buy-out. | |
| "We are almost ready to go, but we need the government to do its bit," he said. | |
| "I am confident they understand the potential to secure this exciting green technology in Britain - and the need to move very quickly." | "I am confident they understand the potential to secure this exciting green technology in Britain - and the need to move very quickly." |
| A company spokesman added: "Short-term bridging support for this management buy-out from the government will secure its future and the future of hundreds of jobs." | A company spokesman added: "Short-term bridging support for this management buy-out from the government will secure its future and the future of hundreds of jobs." |
| Liam Byrne, Labour MP for Birmingham Hodge Hill, said: "LDV's plans for a management buy-out are an excellent sign of faith by the... leaders in the company. | Liam Byrne, Labour MP for Birmingham Hodge Hill, said: "LDV's plans for a management buy-out are an excellent sign of faith by the... leaders in the company. |
| "For some weeks now I have been working closely with the company as they have shaped their ambitious plans for winning a big share of the 'green van' market." | "For some weeks now I have been working closely with the company as they have shaped their ambitious plans for winning a big share of the 'green van' market." |
| LDV was bought by the Gaz group two years ago. | LDV was bought by the Gaz group two years ago. |
| In November it announced 95 jobs were to be axed at its Washwood Heath factory in Birmingham. | In November it announced 95 jobs were to be axed at its Washwood Heath factory in Birmingham. |