LDV is in detailed negotiations between potential investors and holding company GAZ this morning as due diligence is carried out.
According to LDV’s blog, which has been used to keep onlookers updated on a day-to-day basis, more information about the potential investors will be revealed “when it is available”.
Evgeniy Vereshchagin, LDV chief executive, gave employees, suppliers and dealers a full briefing to assure them the management team was still working hard to secure the future of the business.
Vereshchagin said: “Firstly, both the management team at LDV and the Government want to stress that all options, including the proposed management buy-out are being assessed and that all these options are to secure production and jobs in Birmingham.
“GAZ has not stopped the MBO lead by Erik Eberhardson, as was reported, it is simply unable to approve this yet, as it is still to be completed and presented to them for approval.
“It was agreed with the interested investors that their details will be kept confidential so we have not been able to inform you. We are aware that there has been speculation in the media, but you can clearly understand we must respect the wishes of the investors. The investors are now in the process of due diligence.”
While the names of the interested companies haven't been officially announced, Indian manufacturer Mahindra & Mahindra has been revealed by The Times as one of the potential investors.
A former-executive of one of the Big Three is also rumoured to be among the investors interested in LDV.