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Last Updated: Tuesday, 1 June, 2004, 12:46 GMT 13:46 UK
Financial gains for Rover chiefs
The four owners of MG Rover could receive more than 1m each when a finance company they set up to help the Birmingham car maker is wound up.

MG Rover confirmed on Tuesday that John Towers, Peter Beale, John Edwards and Nick Stephenson have already been paid 100,000 each from MGR Capital.

The joint venture between the four men and HBOS bank allowed MG Rover to control its second hand car values.

MG Rover said the men had each made "a significant personal investment".

Survival 'important'

MGR Capital was formed in 2001 when former owner BMW sold off Rover's car finance firm.

The deal included 58,000 leasing contracts on Rover, MG and Mini vehicles taken out during BMW's ownership.

Loss-making MG Rover was unable to buy the business as the loans would show as a debt on its balance sheet.

The Northfield MP Richard Burden said: "Whatever views I or others have on the particular benefits packages are not important.

"The important thing is for MG Rover is able to survive as a British-owned independent car maker.

"Safeguarding the loan book was important as it contributed to the health of MG Rover."




SEE ALSO:
MPs grill Rover bosses over money
30 Mar 04  |  Business
Talks over future of car factory
29 Mar 04  |  West Midlands
Call for MG Rover board shake-up
10 Mar 04  |  Business
MG Rover sells Longbridge land
06 Jan 04  |  West Midlands
MG Rover heads back to Japan
15 May 03  |  Staffordshire
MG Rover 'misjudged mood'
02 May 03  |  West Midlands


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