Rover Cars

[GCCK]

R-over

[Martin R]

After hearing that there are around 5000 redundany notices in the post, i hope the people responsible hang there heads in shame forever

[ally]

Sorry to all those involved. Gutted!

 

In a related vien. How will this effect lotus and the purchasing of the K series engine?? How easy is it going to be to buy parts?

[Martin R]

I heard a radio program the other morning, it said the administrators are trying to work out who owns the rights to the K series. As this comes under power and train division it seems a bit odd. The whole has been split into a lot of smaller parts apparently. No doubt sold to a dummy company for bugger all i bet. Yes i am an angry cynic. No thats not right, im a sad angry cynic.

[bermudabob]

So, will the Alchemy offer now be the next best thing, in an attempt to save MG at least...?

[GCCK]

Expect the receivers to go after the Directors. Fine asset stripping job there.

[Martin R]

Im now a slightly drunk sad angry cynic. It turns out the land that the Rover stands on ( massive site ) was sold approx 2 or 3 years ago and the company lease the land back. I would like to know who the land was sold to. Also how much they paid for it. Sorry if im boring the rest of you.

[Mark A]

Martin,

 

The sale of the land was well known. It was sold to a company called St Modwen Properties. They paid around £50M for it.

[Martin R]

Thanks Mark, relevent questions.

1) Who owns ST Mowden

2) Why is there a 200m hole in the pension scheme

3) What happened to the 270m BMW paid the current directors to take MG off there hands for £ 10 ?

4) Who owns the rights to the K series engine ?

[Mark A]

Thanks Mark, relevent questions.

1) Who owns ST Mowden

2) Why is there a 200m hole in the pension scheme

3) What happened to the 270m BMW paid the current directors to take MG off there hands for £ 10 ?

4) Who owns the rights to the K series engine ?

<{POST_SNAPBACK}>

 

 

Don't know all but

 

1) large company with AFAIK no ties to the MGR directors. (I think if it did it would be all over the papers)

2) Probably the same hole that almost every final salary based company pension scheme has, low interest rates and low growth in the stock markets has left big holes everywhere, the scheme we have at Nissan is now closed to all new employees after it was found to be a huge amount short due to the reasons I mentioned above.

3) A lot to TWR, some in the China Brilliance deal, Le Mans and BTCC are expensive, they bought Qvale then spent a fortune developing the MGSV, money spent with Prodrive on MG ZT260 etc etc, I'm sure they had some bonuses, but the company did spend a lot of it on showy projects.

4) The chinese.

[Scott_Mac]

I thought the K Series was owned by powertrain?

 

St Modwens are nowt to do with Rover, BMW or anyone... large proprty developers (they built our new factory if its any help )