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MGSR in administration

PricewaterhouseCoopers has been appointed today as administrators of MG Sport and Racing at the request of the company’s directors.

MGSR builds and sells the "MG SV" high performance car and leads the MG Group's motor sports activities. MG Sports and Racing is a stand-alone business, operating from an independent site at Longbridge, employing 48 staff.

Steven Pearson, joint administrator at PricewaterhouseCoopers, says: "Significant investment has been made in the MG SV and sales of the car (pictured) have recently commenced. There is an immediate opportunity for an investor to acquire a niche car manufacturer that has unique design and production capabilities. We are currently exploring how the company can be restructured and are keen to hear from anyone who is able to take the business forward."

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