However, BMW said it was close to finalising the sale to Alchemy Partners. The venture capitalist intends to transform Rover into MG Car Company, a niche sportscar and saloon manufacturer producing less than 100,000 cars a year, while axing half the 8,500 jobs at Longbridge.
Former Rover chief executive Mr Towers plans to keep Rover as a volume carmaker with fewer redundancies, but said the current timetable did not give Phoenix enough time to get its financial backers to guarantee an overdraft.
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