The four men who have been criticised for making millions of pounds for themselves from MG Rover, received another £400,000 in dividends last year from the car company’s finance arm MGR Capital according to the Daily Telegraph.
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The newspaper said the latest accounts for MGR also show that the “Rover four” – John Towers, Peter Beale, John Edwards and Nick Stephenson – are likely to net up to £1.3 million each when MGR is wound up, probably next year.
The Daily Telegraph said the company made a pre-tax profit of £2.9 million on turnover of £6.7 million in the year to the end of December while the retained profit was £10.3 million.
According to the report, the Rover four bought MGR, a book of historic Rover car loans, for £340 million with backing from the HBOS bank in 2001.
A spokesman for the men told the Daily Telegraph that they put £500,000 each into MGR Capital at the time of the original deal, with “significant risk”.
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