Hopes raised for sale of LDV

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The Independent Online

Hopes for a sale of stricken vanmaker LDV were raised today after administrators said they were in exclusive talks with a potential buyer.

PricewaterhouseCoopers (PwC) confirmed talks with an unnamed party over the sale of the business and assets of LDV Group and Birmingham Pressing Limited.

Administrators said that the potential purchaser has indicated it is looking at the possibility of resuming production at the Birmingham-based firm's Washwood Heath site.

"It would not be appropriate to comment further on the identity of the proposed purchaser at this time, given the confidentiality agreements in place and as further due diligence, which could take several weeks, still needs to be undertaken by them before any transaction can be concluded," PwC added.

Most of LDV's 850 workforce were made redundant in June after the firm collapsed into administration following a failed rescue bid.

Administrators today said 34 employees remained at the Washwood Heath site.

LDV, which is owned by Russia's GAZ, suffered financial difficulties, culminating in production being halted in December.

In June a last-ditch rescue attempt failed after Malaysian company Weststar could not raise funds to buy the business.

Today PwC said: "After an extensive marketing programme and discussions with a range of potential purchasers, the administrators can confirm they are engaged in dialogue with one party on an exclusive basis, with the hope of achieving a sale of the business and assets.

"We can also confirm that the party has indicated that it is studying the options for recommencing some production, at a time yet to be determined, at the Washwood Heath site."