Management at independent British van maker LDV are in talks with potential investors and hoping to announce a deal either late Thursday or early Friday, a spokeswoman told Reuters.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
LDV, one of the last surviving British-owned vehicle makers following the collapse of MG Rover this year, employs 1,200 workers at its Birmingham plant where it makes panel vans, minibuses and other light commercial vehicles, the report noted.
Reuters added that LDV stopped production last week as it sought a refinancing package to fund the completion of a new range of minibuses and chassis cabs and said on 12 December it expected to resume production in the “next few days” after it rebalanced vehicle stocks, refurbished vehicles and completed other programmes.
But production had still not resumed on Thursday, the report noted.
Speaking to just-auto, LDV played down reports linking the company with US equity specialist Sun Capital Partners and at least two other companies as ‘speculation’ at this point and said it would release a statement on Friday morning.
The Birmingham Mail newspaper on Thursday reported a possible collaboration with a Russian company to jointly produce vans both there and in the UK.
