MG Rover administrators PricewaterhouseCoopers has announced that 5,000 employees at the crumbling car manufacturer are to be made redundant.
However, prime minister Tony Blair has pledged a £150m support package to help workers being made redundant, as well as companies in the area that supply Rover.
Earlier this morning, PwC said it had received a letter from Shanghai Automotive Industry Corp announcing that it would not acquire the Longbridge plant in Birmingham, ending any hope of the car maker being saved from closure.
Trade Secretary Patricia Hewitt and Tony Woodley, head of the T&G union, both called the news ‘devastating’.
The company, which employs 6,000 people, was forced into administration last week after talks with PwC. The firm was appointed on Friday 8 April.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.