'Outside chance' LDV may be saved
http://news.bbc.co.uk/go/rss/-/1/hi/england/west_midlands/8026509.stm Version 0 of 1. An "outside chance" exists that van maker LDV can be saved days before it is due to go into administration, an industry expert has said. Prof David Bailey, of Birmingham University, said it was understood LDV was in advanced talks with Malaysian investor Westar. "Westar, it seems, is simply struggling to access the finance, given the global credit crunch," he said. LDV said it was doing everything possible to save the firm by 6 May. Mr Bailey said LDV had a long-term association with Westar. However, he said it could run out of time before 6 May, and if LDV went into administration another investor could come in and take the business to India, China or Malaysia. "Then another chunk of manufacturing will disappear," he added. 'Amazing workforce' Mr Bailey praised LDV, a small producer which had survived "all sorts of shocks" and previously come out of administration. "There's an amazing management, amazing workforce who have plugged on for many years," he said. Guy Jones, of LDV's management team, said negotiations were continuing. "We are down to the final week but the management team is doing everything possible to secure it as an ongoing concern," he said. He said they were aware it was an "exceedingly worrying" time for workers who would be told any news first. About 800 people are employed at its Birmingham factory and about 1,200 people employed in dealerships. LDV estimates "several thousand" staff are employed by suppliers. |