Weststar, the Malaysian company which couldn’t raise the money to buy LDV last week, is now launching another potential bid on the van maker now it has entered into administration.
LDV administrators PricewaterhouseCoopers (PwC) has said its main priority is to sell the business as a whole rather than selling off parts of the business.
PwC said it did not expect to be able to announce details on the negotiations until the end of June.
A small staff of 40 will continue to be employed to maintain the LDV factory site in Birmingham, but the remaining 810 have been made redundant.
According to a report on Bloomberg Syed Azman Syed Ibrahim, Weststar’s managing director, said by phone today: “We’d rather buy out of the administrators. This will save money.”
Syed Azman said Weststar pulled out of the original LDV bid after due diligence showed it would take at least four months to start production, costing the company more money than it could afford.