Lord Mandelson, the business secretary, was warned yesterday that loss-making British vanmaker LDV will collapse within days after the government rejected calls to sanction a loan from taxpayers to keep the firm afloat.
Senior executives at Birmingham-based LDV are trying to engineer a management buyout and have been seeking a loan guarantee for a maximum of six months until the European Union sanctions a grant. But the government said yesterday LDV\’s parent firm, the Russian firm Gaz, should provide the necessary funding, valued at between £20m and £30m.
How excellent….and of course, in the interests of consistency, it will be Tata which funds Jaguar Land Rover, GM which funds Vauxhall…..yes?
Or is it only companies owned by people who have met Lord Mandelson that get treated appropriately?