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LDV in administration

LDV, one of the last surviving UK-owned vehicle manufacturers, plans to go into administration imminently, in an attempt to save 1,200 jobs.

The move follows speculation that it was close to clinching a rescue package a week after stopping production, according to the BBC.

It is understood the business will immediately be bought out by US private equity group Sun Capital.

The plan is to keep the company going, though it remains unclear what will happen to pension rights.

The company makes panel vans, minibuses and other light commercial vehicles at its plant in Birmingham.

"We are confident that a successful deal will be done today," the company said.

(Source: BBC)

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