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“Rover finances should support manufacturing” - TGWU

Transport & General Workers Union officials are to meet executives of MG Rover's holding company Phoenix Venture Holdings today to discuss recently reported financial transactions in the company.

Tony Woodley, General Secretary of the TGWU, said on 14 November that the recent reporting over the finances of MG Rover should not undermine the bigger picture for the company's future. While critical of some of the aspects of the financial structures which have been reported from the accounts, he said it was important that all company income should go into maintaining manufacturing at Longbridge: “None us campaigned to salvage Rover to create a few multi-millionaires and monies to be taken out of the company unjustly,” Mr. Woodley said. “We don't have a problem with directors being fairly rewarded for keeping the company open and maintaining jobs. This is especially true when we've seen Ford and Vauxhall close car-making plants in the last couple of years.”

“The most important point, and the reason we have asked for a meeting with John Towers, is to be reassured that, irrespective of how the company is structured, all company income and benefits go into keeping making cars at Longbridge,” Woodley added.

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