MG Rover revival in sight

MG Rover revival in sight

There is hope in sight for the revival for MG Rover Brand as the company’s administrator have reported that the three bidders have plans to restart production of the cars under the respective brands. This new was released to the media by the House of Commons trade and industry committee. They have also to decide on when the start the investigation into the collapse of the company.

Price Waterhouse Coopers have also said that they are closing in on a possible deal with one of the interested bidders. Tony Lomas, partner at Price Waterhouse Coopers said in a statement: “We are locked in detailed discussions with three separate parties, each of which is at a different stage of completing its negotiations. One of these parties is from the UK and the other two are from overseas. All three are intending to acquire all of the car and engine production assets of both MG Rover and Powertrain. All the potential bidders have an ambition to continue at least some car production in the UK.”

However, they have also said that it would take sometime before the MG Rover cars would be ready for sale in the retail markets due to the complexities involved in getting the production up and ready. The bidders for this brand name have offered up to £50m for the assets of the demised company, which in its later stages had collaborated with India’s Tata Motors to sell their Tata Indica model in Britain to get some sales from this cheap model.

One of the favorites to win this bid is said to be Chinese Auto Maker Shanghai Automotive Industry Corporation who had earlier bought the intellectual property rights to some Rover models and engines last year. They have now teamed up with Magma Holdings led by the former head of the Ford in Europe, Martin Leach.