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| Sale of van maker LDV is agreed | Sale of van maker LDV is agreed |
| (10 minutes later) | |
| The sale of Birmingham-based van maker LDV to Malaysian firm Weststar has been agreed, a company spokesman has said. | The sale of Birmingham-based van maker LDV to Malaysian firm Weststar has been agreed, a company spokesman has said. |
| LDV marketing director Guy Jones said the deal would secure production in Birmingham, although he could not guarantee all jobs would be saved. | LDV marketing director Guy Jones said the deal would secure production in Birmingham, although he could not guarantee all jobs would be saved. |
| The UK government will provide a £5m four-week bridging loan to allow time for the takeover to be completed. | The UK government will provide a £5m four-week bridging loan to allow time for the takeover to be completed. |
| Moves to put LDV into administration were adjourned for a week at a court hearing earlier. | Moves to put LDV into administration were adjourned for a week at a court hearing earlier. |
| Mr Jones said the deal would take another couple of weeks to finalise and no date had been set for production to restart. | Mr Jones said the deal would take another couple of weeks to finalise and no date had been set for production to restart. |
| WHO IS WESTSTAR? Privately-owned Malaysian company, founded in 2003Runs Honda car dealerships across Malaysia Has been selling LDV's Maxus van in south east Asia and the Middle East since 2007Assembles LDV vans in Malaysia and markets them across South East Asia and the Middle East | |
| "Weststar's proposed purchase of LDV offers the only credible chance of keeping this manufacturing plant in the UK, sustaining UK jobs and a platform for future model development," said Business Minister Ian Pearson. | "Weststar's proposed purchase of LDV offers the only credible chance of keeping this manufacturing plant in the UK, sustaining UK jobs and a platform for future model development," said Business Minister Ian Pearson. |
| It is understood LDV and Weststar had reached a deal earlier in the week, but that it relied on the government financing. | It is understood LDV and Weststar had reached a deal earlier in the week, but that it relied on the government financing. |
| The government has made it clear the £5m is a one-off bridging loan that cannot be extended. | The government has made it clear the £5m is a one-off bridging loan that cannot be extended. |
| 'Significant development' | 'Significant development' |
| LDV had been due to go into administration at a hearing on Wednesday, but the hearing was pushed back to 13 May. | LDV had been due to go into administration at a hearing on Wednesday, but the hearing was pushed back to 13 May. |
| A court hearing was told that LDV's Russian owner Gaz had sold its stake in the firm to Weststar. | A court hearing was told that LDV's Russian owner Gaz had sold its stake in the firm to Weststar. |
| LDV's Mr Jones said the moves were "a significant development for LDV and a major step towards an exciting new future for the company". | LDV's Mr Jones said the moves were "a significant development for LDV and a major step towards an exciting new future for the company". |
| However, he added: "We cannot stand here today and guarantee the jobs. The marketplace will determine how many jobs are required." | However, he added: "We cannot stand here today and guarantee the jobs. The marketplace will determine how many jobs are required." |
| LDV employs 850 workers and is also a key customer for many suppliers. It employs 1,200 people in dealerships. | LDV employs 850 workers and is also a key customer for many suppliers. It employs 1,200 people in dealerships. |
| We are delighted at the government's backing for this company Tony Woodley, Unite union | We are delighted at the government's backing for this company Tony Woodley, Unite union |
| The chief executive of the Society of Motor Manufacturers and Traders, Paul Everitt, said the rescue deal was a vote of confidence in the industry. | The chief executive of the Society of Motor Manufacturers and Traders, Paul Everitt, said the rescue deal was a vote of confidence in the industry. |
| "I think it does signal that there are now investors out there taking a longer term view and they see the UK motor industry as being a good investment - an industry that has a strong future," he said. | "I think it does signal that there are now investors out there taking a longer term view and they see the UK motor industry as being a good investment - an industry that has a strong future," he said. |
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| Ex-LDV worker on company's problems | Ex-LDV worker on company's problems |
| The LDV plant has been at a near-standstill since before Christmas. | The LDV plant has been at a near-standstill since before Christmas. |
| 'Long way to go' | 'Long way to go' |
| Following the news of the government loan, Tony Woodley, joint general secretary of trade union Unite, said he was "delighted at the government's backing for this company". | Following the news of the government loan, Tony Woodley, joint general secretary of trade union Unite, said he was "delighted at the government's backing for this company". |
| "There's a long way to go yet, but now thoughts can turn to building a serious and successful future for this company, and to getting these men and women, who have not built a vehicle in months, back to work," he said. | "There's a long way to go yet, but now thoughts can turn to building a serious and successful future for this company, and to getting these men and women, who have not built a vehicle in months, back to work," he said. |
| In February, LDV asked the government for a bridging loan because it was "literally running out of cash". | In February, LDV asked the government for a bridging loan because it was "literally running out of cash". |
| At the time the government said the taxpayer could not be expected to pay for the company's losses, but that talks with LDV were "ongoing and regular". | At the time the government said the taxpayer could not be expected to pay for the company's losses, but that talks with LDV were "ongoing and regular". |
| LDV, which was put up for sale by its Russian owner Gaz late last year, has a long-term association with Weststar making LDV commercial vehicles in Malaysia. | LDV, which was put up for sale by its Russian owner Gaz late last year, has a long-term association with Weststar making LDV commercial vehicles in Malaysia. |
| Are you affected by the issues in this story? Do you work for LDV? Send us your comments. | Are you affected by the issues in this story? Do you work for LDV? Send us your comments. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |