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They also said they would put the business up for sale.

The news emerged after a meeting between senior bosses and union members. Unions were seeking assurances on several factors concerned with the finance structure of the company.

The carmaker was bought in April 2000 by former chief executive John Towers for £10.

Several months later the company was separated from its property assets under a new holding company called Pheonix Venture Holdings.

This sparked fears that if the company fell into administration – last year it reported losses of £111m – the land would not be able to be sold off.

Unions were assured by bosses that this would not happen.

They also wanted assurances over directors’ salaries and pension funds. Phoenix’s pension fund has a £73m deficit.

Bosses said they would provide ‘clarification’ on any issues the unions required.

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