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April 20, 2005

UK: ‘Slim chance’ former MG Rover bidder will buy now

Jon Moulton, the venture capitalist who lost out to the Towers consortium in the bidding for MG Rover five years ago, on Wednesday said there was only a 'slim chance' he would buy any of the business.

Jon Moulton, the venture capitalist who lost out to the Towers consortium in the bidding for MG Rover five years ago, on Wednesday said there was only a ‘slim chance’ he would buy any of the business.

The Alchemy Partners boss, whose original plan was to invest in the MG sports car business and close the mass market Rover division, is still interested in the sports brand and business, according to the Evening Standard.

But he reportedly predicted the famous marque would go to one of the big carmakers: “If, sitting back at Toyota head office, some executive is looking to launch a new sports car, the MG brand is extremely attractive,” he told the London evening newspaper. “The odds are extremely stacked against us.”

Molton reportedly said a prospectus produced by MG Rover’s administrators was scant on detail and said bidders could take on the MG brand, though there was no mention of the Rover marque being available – the MG brand and the MGTF sports car division are likely to be the two biggest assets up for grabs.

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