LDV, the near-bankrupt UK van manufacturer currently owned by GAZ, could be purchased by another foreign buyer and moved abroad according to British media reports.
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Sky News reported that news on Friday, citing sources within the company, as did the Financial Times.
The BBC reported that ‘a number of foreign buyers have made approaches about acquiring struggling van maker’ and added that the enquiries have been ‘speculative’, but if successful, might lead to production moving overseas.
The FT said that, according to sources in Birmingham, the MBO team led by GAZ chairman Erik Eberhardson, had ‘no desire’ to see production go overseas.
The report added that GAZ has received a range of offers concerning LDV including proposals for joint ventures that would preserve British jobs.
LDV is said to be days from bankruptcy and has been in talks with the UK government over emergency loan finance that would act as a bridge to an MBO plan.
It is estimated that up to 6,000 jobs are at stake – 900 employed directly by LDV with the remainder in the dealer network and among suppliers.
