Is This the Final Goodbye to LDV?
Troubled van maker LDV has applied to enter administration, which will take formal effect on the 6th May 2009. The handful of staff remaining at the factory, since the majority of the 800 strong workforce were laid-off and production virtually halted in December, have been sent home.
Flint, United Kingdom (PRWEB) May 1, 2009 -- Troubled van maker LDV has applied to enter administration, which will take formal effect on the 6th May 2009. The handful of staff remaining at the factory, since the majority of the 800 strong workforce were laid-off and production virtually halted in December, have been sent home.
A spokesman for Staveley Head, one of the country's leading commercial van insurance providers, said "In March we reported on the collapse of the proposed management buyout, which had seemed the best option to take LDV forward. But now the future looks very bleak for the Russian owned company, with options running out. In addition to the 800 staff employed at the Birmingham based LDV factory, there are about 1,200 people employed in dealerships and several thousand staff employed by its suppliers."
The company has experienced a recent history of continuous problems and has made a loss, consecutively, for the last four years. It has been the victim of a huge decline in the demand for commercial vehicles and has seen registration of new LDV vans fall by 73% compared with March last year.
The Government, which rejected support for the management buyout, has suggested that the firm should endeavour to obtain more finance from its Russian owner, Gaz, or from elsewhere. But the chances look slim with Malaysian investor Westar already having investigated the possibility of investment and looking likely to pull out.
The cancellation of the 2010 Motor Show and a record fall in UK car production would seem to indicate that the prospects for the coming year are no better than the past twelve months.
Staveley Head is one of the leading van insurance brokers in the UK, and will give you all the advice and assistance you need regarding this matter, including a very competitive van quote, if you visit their website at www.staveleyhead.co.uk
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