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'Rover four' net £400,000 dividend

The four men who have been criticised for making millions of pounds for themselves from MG Rover, received another £400,000 in dividends last year from the car company's finance arm MGR Capital, according to the Daily Telegraph.

The newspaper said the latest accounts for MGR also show that the "Rover four" - John Towers, Peter Beale, John Edwards and Nick Stephenson - are likely to net up to £1.3 million each when MGR is wound up, probably next year.

The Daily Telegraph said the company made a pre-tax profit of £2.9 million on turnover of £6.7 million in the year to the end of December while the retained profit was £10.3 million.

According to the report, the 'Rover four' bought MGR, a book of historic Rover car loans, for £340 million with backing from the HBOS bank in 2001.

A spokesman for the said they put £500,000 each into MGR Capital at the time of the original deal, with "significant risk".

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