Accountancy Age exculsive: Phoenix gears up to appoint FD

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 a detailed examination of the arrangements between the carmaker and the dealerships. Sources close to Phoenix say BMW had been very generous to dealerships but that 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 ten days. Observers noted that corporate finance work of that nature would normally take weeks or months.

Rover’s return: How Deloittes helped seal Phoenix deal

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