BusinessBusiness RecoveryConsortium offers £65m for MG Rover

Consortium offers £65m for MG Rover

Arab-backed consortium offers PwC £65m for MG Rover

The Triple A consortium, led by Monaco-based car-industry analyst Krish Bhaskar, is said to have offered PwC – the administrators for MG Rover – £65m for the business.

Link: PwC lines up MG Rover bidder shortlist

According to The Sunday Times, the consortium, which has considerable Middle Eastern backing, has already paid a £5m deposit for the car company’s remaining assets.

The paper says it is unclear as to whether PwC is taking the offer seriously, but the administrators said last week that they had received two ‘credible’ bids.

Bhaskar has said that 4,000 jobs would be saved at the Longbridge plant, which would eventually make 200,000 cars per year, nearly double the production of its former owners.

PwC is to provide an update to MG Rovers’ creditors, who are owed about £1.4bn, at a first creditors’ meeting on Friday.

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