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Daewoo in 'home straight' in sale of Worthing technical centre

Daewoo says negotiations on the sale of its technical centre in Worthing are in the 'home straight' and that the purchase decision looks likely to be good news for the site.

Unlike Daewoo Cars Limited, which is a separate financially independent company and continues to operate normally, the Worthing operation is a branch of Daewoo Motor, not incorporated in the UK and as such is subject to the Korean reorganisation procedure, but is also bound by UK legislation.

Protection for the assests of the technical centre is to be provided while negotiations for its sale are finalised.

A spokesman for Daewoo said this afternoon that while the names of the bidders for the site could not be revealed, a purchase agreement was close to being reached.

"The people involved have asked us to respect their anonymity. I can't elaborate too much, but the negotiations are in the home straight and if they come off will be good news for the centre.

"I expect we will be able to reveal all by the end of February."

Finbarr O'Connell has been appointed local representative of the Korean receiver.

He said: “My appointment reflects the Korean receiver's wish to conclude the sale of the UK research and development facility and to maximise the opportunity to preserve local jobs. I must add that Worthing is not in receivership or liquidiation.”

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