Accountant-led Alchemy pulls out of Rover purchase

The UK venture capitalist group said the two sides had been ‘unable to agree on certain contractual matters,’ some of which arose on Thursday. It would not elaborate, while BMW refused to comment until it had prepared a formal statement. The news sent shares in BMW down as much as 8 per cent.

Alchemy had intended to set up the MG Car Company and had announced the appointment of a Deloittes-trained corporate recovery specialist, Graham Hallworth, as finance director, and a former Coopers & Lybrand chief, Brandon Gough, as non-executive chairman.

Jon Moulton, senior partner of Alchemy, is also a chartered accountant who spent most of the eighties working at Coopers & Lybrand.

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