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29/04/2009
LDV Job Fears As Company Enters Administration
Struggling UK-based van maker LDV is to apply for administration, leading to fears hundreds of workers will lose their jobs.
Production halted at the Birmingham-based plant in mid-December, and most of the company's 850 production staff were sent home on a deal which allowed them full pay for one month.
A planned management buyout failed to materialise and LDV has been trying to raise money from overseas investors for the past few months.
The company's Chief Executive Evgeniy Vereshchagin told staff: "Despite all our efforts over the past few months, we have so far been unable to secure the investment required for the business.
"During the past few weeks, the global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position without funding indefinitely.
"We must now inform you that the deterioration in the position of the business has forced the directors to apply for administration."
The application will be processed on May 6 and the company said it has until that time to secure funding for its plans.
Earlier, Erik Eberhardson, the Chairman of LDV's Russian owner Gaz, said he believed LDV could be saved and the management buyout was the best option.
(JM/BMcC)
Production halted at the Birmingham-based plant in mid-December, and most of the company's 850 production staff were sent home on a deal which allowed them full pay for one month.
A planned management buyout failed to materialise and LDV has been trying to raise money from overseas investors for the past few months.
The company's Chief Executive Evgeniy Vereshchagin told staff: "Despite all our efforts over the past few months, we have so far been unable to secure the investment required for the business.
"During the past few weeks, the global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position without funding indefinitely.
"We must now inform you that the deterioration in the position of the business has forced the directors to apply for administration."
The application will be processed on May 6 and the company said it has until that time to secure funding for its plans.
Earlier, Erik Eberhardson, the Chairman of LDV's Russian owner Gaz, said he believed LDV could be saved and the management buyout was the best option.
(JM/BMcC)
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