UK-based van maker LDV has announced that it has been forced to reapply for administration to protect the assets of the business. It said in a statement that essential funds required to maintain the business as a going concern were ‘unavailable’.
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The move suggests that the rescue deal with Malaysian firm Weststar, announced last month, has run into difficulties.
The Weststar deal apparently saved the West Midlands firm from bankruptcy when the UK government made bridging finance available. The deal was supposed to be finalised in a matter of weeks.
The application for administration will be in court this morning and LDV says further information will be made available ‘as soon as the facts behind this are clear’.
See also: UK: Malaysian partner rescues LDV
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