BusinessCompany NewsRover workers get £20m payments

Rover workers get £20m payments

Workers get £5,000 statutory redundancy, and Russian tycoons show interest in Rover assets

Thousands of workers who have lost their jobs following the collapse of MG Rover are receiving payments averaging £5,000.

Link: Rover costs taxpayers £220m

The government is to pay out more than £20m in statutory redundancy pay, newspapers report this morning.

Patricia Hewitt, the trade and industry secretary, said that about 4,000 of the former Longbridge employees had received the payments.

Over the weekend, reports also surfaced that a Russian tycoon sometimes referred to as a ‘baby oligarch’ is said to be interested in buying the assets of MG Rover.

Nikolai Smolensky, who bought the sports carmaker TVR last summer, was reportedly interested in the group.

Separately, Oleg Deripaska, Russia’s second richest man and the owner of the Volga car brand (the standard issue vehicle for taxi-dirvers, Communist party officials and police), told Russia’s Gazeta newspaper that he was interested in buying all or part of MG Rover.

The group was ‘potentially attractive’, he said.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor