PracticeConsultingDeloittes celebrates as Rover deal clinched

Deloittes celebrates as Rover deal clinched

Deloitte & Touche's corporate finance team in Birmingham got their chance to celebrate this morning after several weeks of intense negotiation as the Phoenix consortium clinched the Rover deal with BMW at 9 am today.

Deloittes team of twenty together with stockbrokers Albert E Sharp, also Birmingham-based, led the transaction in which Phoenix consortium has acquired the Rover Group.

The Deloittes team led by partner Maghsoud Einollahi said: ‘This is a fantastic outcome for the Midlands. The advice to Phoenix was provided solely by Midlands-based professionals. The Deloitte & Touche team has worked night and day to deliver the deal.’

The celebratory mood in the Midlands has spread like wildfire on hearing the news of the successful deal that will ensure not only the existence of Rover but also of thousands of jobs in the Midlands.

John Towers, head of Phoenix, said: ‘We are delighted that together with BMW we have secured a brighter future for Rover,’ BBC online news reported. Trade and Industry secretary Stephen Byers told Radio 4’s Today programme that he felt extremely pleased with the outcome.

As part of the Phoenix deal production of the Rover 75 will be moved from Cowley, Oxford, to Longbridge in Birmingham.

Birmingham’s future for now looks rosy. Concerns that the job losses directly as well as indirectly linked to demise of Rover could rise to 50,000 caused severe panic throughout the city and its surrounding areas.

Yet, David Fletcher, Deloittes automotive sector group, said: ‘This new start for Rover is the news that many businesses in the Midlands have been waiting and hoping for. It will be very welcome indeed.’

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