Phoenix group gears up to appoint FD.
The Phoenix consortium is reconsidering the financing for Rover dealerships as speculation grows over who will get key appointments, including the role of finance director.
Peter Beale, FD with Edwards Cars, a dealership in Stratford-upon-Avon, is understood to have put up some of his own money to invest in the ailing car company and is currently shadowing the role of FD at Rover for Phoenix.
A spokesman for the consortium said: ‘Peter is actively involved in looking at those aspects of the business.’
Meanwhile, work on financing Rover is continuing with an examination of the arrangements between the carmaker and the dealerships. Sources close to Phoenix said BMW had been generous to dealerships but all previous arrangements were being reconsidered.
The financing of the Phoenix acquisition of Rover has become one of the most dramatic events in recent British industrial history. Last week Accountancy Age revealed how the Birmingham office of Deloittes & Touche managed to clinch a deal between Phoenix and BMW in just 10 days. Observers noted work of that nature normally takes weeks.