KPMG-Land Rover in possible settlement

KPMG-Land Rover in possible settlement

A settlement between car maker Land Rover and KPMG, the receivers of its collapsed chassis supplier UPF-Thompson is said to be in the final stages.

It is believed Land Rover will sign a £15m to £16m deal to rescue its chassis supplier after it went into administration with £50m-worth of debt. In return, KPMG it thought to have agreed to allow UPF to continue delivering chassis.

Previously, the car giant rejected demands to pay £35m in goodwill and refused to buy the company for £51.6m. It took KPMG to court to force it to allow UPF to deliver the car components.

The money paid by Land Rover is roughly equal to the value of its order book. Land Rover’s first offer was £4m in goodwill payment and a 20% rise in the chassis price.

A Land Rover spokeswoman said the parties were still in negotiation, but could not confirm or deny the rumours.

KPMG was unable to comment.

The deal is expected to be officially announced later this week.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource