At least one part of the MG Rover group is looking like a desirable stand alone prospect investment buyer: MG Sport and Racing Limited (MGSR.)
On Tuesday 12 April, PricewaterhouseCoopers (PwC) partners Steven Pearson and Rob Hunt were appointed joint administrators of the standalone racing business, which employs 48 people at a separate site at Longbridge.
MGSR is part of the Phoenix Venture Holdings Group, as is MG Rover Group Limited and Powertrain Limited, which were placed into administration on Friday 8 April 2005.
In a statement, joint administrator Steven Pearson said: “Significant investment has been made in the ‘MG SV’ and sales of the car 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.”
Prospects for the rest of the group are looking less hopeful. A convoy of coaches carrying Rover workers is today leaving Longbridge for Downing Street. Disgruntled Rover employees are to present Tony Blair with a petition, encouraging the Prime Minister to resuscitate talks with Chinese car manufacturer SAIC. The company has indicated that it will not be interested in Rover whilst it is in administration.
