PwC forced to slash 95% of jobs at LDV

Administrators from PwC have had to make 95% of the staff at collapsed
Midlands van-maker LDV redundant due to a lack of funding.

Many of the staff being made redundant have been laid off since December, but
administrators have confirmed that only 40 of about 850 staff are now going to
be kept on.

Rob Hunt, Mark Hopkins and Matthew Hammond of PricewaterhouseCoopers LLP were
appointed joint administrators of LDV Group Limited and Birmingham Pressings
Limited yesterday after efforts to find a buyer failed.

Earlier, this year the company took the unusual step of announcing it had
applied for administration, but would keep trying to find a white knight to come
in and rescue the business, but the last ditch-efforts came to nothing.

Joint administrator Rob Hunt said: ‘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.

‘Our priority is to ensure that those employees made redundant, many of whom
have been laid off since December, are assisted in processing their claims with
immediate effect.’

The companies’ financial difficulties, led to production stopping at LDV’s
Drews Lane plant in December 2008
an application to court
to place the companies into administration in May

The application was withdrawn as the directors pursued a potential sale of
the business to the Malaysian firm, Weststar.

But last week Weststar backed out of the proposed purchase which left the
directors with little option other than to reapply for administration.

Hunt added PwC had already been approached by three interested parties and
the firm would be trying to hammer out a business structure while a buyer was

‘Over the coming days we will review all options for the companies and seek a
buyer for the business and assets.’

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