AM Online

LDV still working on MBO

LDV is still working towards its plan to concentrate on the manufacture of electric vans despite media reports that the idea has fallen through.

The BBC has reported that LDV marketing manager Guy Jones said the buy-out proposed by Erik Eberhardson, chairman of the firm's Russian owners GAZ, had not worked out.

However, Jones told AM he had been misquoted by the BBC.

In his blog, which has been used to keep onlookers updated about current events with the business, Jones says the LDV management team will continue to work over the weekend to secure the future of the LDV plant in Birmingham with investors and the government.

Jones’ blog says: “The LDV management team want to stress that they are continuing to work today and over the weekend to secure the future of the plant with investors and the government. Further information will be released on this blog as soon as it is available.”

Jones said a new plan for LDV had been worked out which focuses on reduced debt, liabilities and a significantly reduced break even point, making it more attractive to investors with a faster return on investment.

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