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08/06/2009
Hundreds Of Workers Lose Jobs As LDV Goes Into Administration
Birmingham-based van-maker LDV has gone into administration, leaving 850 people redundant, administrators have said.
The news came just hours after the stricken firm went into administration after the collapse of a rescue bid.
The government rejected a last-minute plea for a £60 million loan to save the company, which was previously known as Leyland Daf Vans.
PriceWaterhouseCoopers were appointed administrators this morning, after the court put LDV into administration.
It is understood that talks broke down at the last minute, a week ago, with Malaysian firm Weststar.
"Sadly we do not have the funding necessary to keep employees on, so it is with great regret that we place ourselves in a position where we will have to make redundant later today the vast majority of the workforce," a representative of administrators PWC said.
Rob Hunt, joint administrator and partner at PWC added: "Due to the lack of funding it has, regrettably, been necessary to make the majority of the workforce redundant and we will retain a skeleton workforce of around 40 people to maintain the site."
Birmingham-based LDV firm employed 850 workers, but thousands more work for businesses which distribute LDV vans or supply parts and other services.
Tony Woodley, joint leader of the union Unite, said earlier: "This is a bitter blow for manufacturing and the West Midlands region in particular.
"However LDV has been in a vulnerable situation for many years and today's sad announcement is not due to any lack of effort by either Unite or the Government to find solutions."
(JM/KMcA)
The news came just hours after the stricken firm went into administration after the collapse of a rescue bid.
The government rejected a last-minute plea for a £60 million loan to save the company, which was previously known as Leyland Daf Vans.
PriceWaterhouseCoopers were appointed administrators this morning, after the court put LDV into administration.
It is understood that talks broke down at the last minute, a week ago, with Malaysian firm Weststar.
"Sadly we do not have the funding necessary to keep employees on, so it is with great regret that we place ourselves in a position where we will have to make redundant later today the vast majority of the workforce," a representative of administrators PWC said.
Rob Hunt, joint administrator and partner at PWC added: "Due to the lack of funding it has, regrettably, been necessary to make the majority of the workforce redundant and we will retain a skeleton workforce of around 40 people to maintain the site."
Birmingham-based LDV firm employed 850 workers, but thousands more work for businesses which distribute LDV vans or supply parts and other services.
Tony Woodley, joint leader of the union Unite, said earlier: "This is a bitter blow for manufacturing and the West Midlands region in particular.
"However LDV has been in a vulnerable situation for many years and today's sad announcement is not due to any lack of effort by either Unite or the Government to find solutions."
(JM/KMcA)
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