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LDV goes into administration

LDV has gone into administration as expected this morning.

Appointed administrators PricewaterhouseCoopers (PwC) is now in control of the company.

A skeleton crew of 40 will remain working at LDV's factory in Birmingham but the rest of the 850 workers will be made redundant.

PwC will now begin the process of looking for a buyer for some or all of LDV's assets, which could result in the break-up of the company and the end of all van production in the UK.

LDV applies for administration at the end of last week and was widely expected to enter into administration today.

Dealers are owed payment for warranty work but have been largely sympathetic to the manufacturer's predicament during its protracted fight for survival over the past few months.

In a final statement to its workforce, LDV, said: “Firstly the management team want to thank our employees, dealers, suppliers, business partners and Liam Byrne MP for their support, enabling us to try to secure a future for this important British business.

“We now hope that any possible buyers recognise the potential of the investment already made at LDV and what has been achieved in the last year to transform the future profitability of the business. There is still the opportunity of a bright future for LDV, however now the management team must now hand control of the business over to the administrators and hope this can be achieved in this process.”

LDV said any further communication about LDV would now come from the administrators.

Rob Hunt, Mark Hopkins and Matthew Hammond of PwC were appointed joint administrators of LDV Group.

Hunt, joint administrator and partner at PricewaterhouseCoopers in Birmingham, said: “Our priority is to ensure that those employees made redundant, many of whom have been laid off since December, are assisted in processing their claims with immediate effect.

“Over the coming days we will review all options for LDV and seek a buyer for the business and assets. We have already been approached by three parties wishing to engage with us, and we will try to ensure that a solution is found to provide a structure to take the business forward."

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