The Phoenix Consortium, led be former Rover chief executive John Towers, has bought Rover from BMW for a nominal fee of 10 [pounds sterling].
After six years and 4billion [pounds sterling] worth of investment BMW has finally washed its hands of the loss-making company and sold it to the West Midlands-based consortium. It has also made a 500 million [pounds sterling] cash payment to Phoenix.
The deal is expected to safeguard at least 8,000 of the 9,000 jobs at Longbridge and brings further reassurance over the immediate future of the 20,000 workers employed by automotive suppliers in the area.
Phoenix will be taking on the development, production and …