Leaders of a management buyout to save van maker LDV remain "hopeful" of a deal despite talks with government officials not reaching a conclusion.
Leaders of a management buyout to save van maker LDV remain "hopeful" of a deal despite talks with government officials not reaching a conclusion.
The team will bid for a £5m bridging loan from the government later, which will enable a deal with potential investors to be confirmed.
The team will bid for a £5m bridging loan from the government later, which will enable a deal with potential investors to be confirmed.
If the loan is granted LDV, which employs 850 people, hopes to develop plans for a new "green" vehicle.
If the loan is granted LDV, which employs 850 people, hopes to develop plans for a new "green" vehicle.
It is understood there are two overseas companies considering backing the firm.
It is understood there are two overseas companies considering backing the firm.
Officials from the Department of Business, Enterprise and Regulatory Reform (Berr) were involved in the talks, which took place over the weekend.
Officials from the Department of Business, Enterprise and Regulatory Reform (Berr) were involved in the talks, which took place over the weekend.
We are hopeful and I am happy that we are at a stage where we have both a hearing from the government and clearly interested investors Erik Eberhardson, Gaz
We are hopeful and I am happy that we are at a stage where we have both a hearing from the government and clearly interested investors Erik Eberhardson, Gaz
Following negotiations, Erik Eberhardson, the chairman of LDV's Russian owner Gaz, said he remained convinced the firm can be saved, with a management buyout being the best option.
Following negotiations, Erik Eberhardson, the chairman of LDV's Russian owner Gaz, said he remained convinced the firm can be saved, with a management buyout being the best option.
"I am an optimist and that remains the case," he said, speaking from Russia.
"I am an optimist and that remains the case," he said, speaking from Russia.
"We are hopeful and I am happy that we are at a stage where we have both a hearing from the government and clearly interested investors. It could have been a lot worse."
"We are hopeful and I am happy that we are at a stage where we have both a hearing from the government and clearly interested investors. It could have been a lot worse."
Production at LDV has been suspended since December because of falling sales and earlier this month workers agreed to a 10% pay cut and a three-day week to reduce costs.
Production at LDV has been suspended since December because of falling sales and earlier this month workers agreed to a 10% pay cut and a three-day week to reduce costs.
There are fears that if the company is bought by an overseas investor, production could leave the UK.
There are fears that if the company is bought by an overseas investor, production could leave the UK.
Government officials have told the BBC that any financial support for LDV would only be made on a "reasonable risk for taxpayers' money".
Government officials have told the BBC that any financial support for LDV would only be made on a "reasonable risk for taxpayers' money".
The government said it had already invested £25m in the plant, rescheduled tax payments and got agreement for a rent reduction.
The government said it had already invested £25m in the plant, rescheduled tax payments and got agreement for a rent reduction.
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