The companies investigations branch of the DTI has received details of the
collapse of Blackpool carmaker
TVR , which may lead to
a full government probe into why it went bust.
The Sunday Times reports that DTI minister for employment, Jim
Fitzpatrick, has composed a letter bringing the situation at TVR to the
attention of investigators.
The move follows pressure from trade unions and Blackpool North MP Joan
Humble wrote to the DTI
in January, and in his reply to the letter Fitzpatrick said: ‘I have passed
the papers to officials at the DTI’s companies investigations branch who are
considering whether a Companies Act investigation should be conducted in this
TVR was bought by Russian tycoon
Smolensky in 2004. The Russian split the business into separate
companies, and put the manufacturing arm into administration while trying to
hold on to the TVR intellectual property rights.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies