Land Rover warns banks on KPMG actions
Land Rover chairman Bob Dover has urged the chief executives of three banks to reconsider KPMG's handling of the UPF receivership.
In a letter he told the banks, who are owed £50m by bankrupt chassis supplier UPF-Thompson, that KPMG’s actions were a threat to small manufacturers.
He warned that if large companies are forced to pay the debts of insolvent suppliers, ‘the landscape of British business will be irrevocably altered.
‘If manufacturers rather than banks are underwriters of debts from these small firms, then inevitably larger companies will turn increasingly to multi-national suppliers,’ Dover said.
KPMG reiterated that it is still in negotiations with Land Rover. The firm is waiting for a ruling on its appeal against an injunction awarded to Land Rover forcing UPF to continue providing the car company with chassis.
A spokeswoman for the firm said: ‘We are looking to do what we were appointed to do.’