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Weststar withdraw from LDV buyout

Written By Faye Sunderland Published On: Jun 02 2009
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Malaysian firm Weststar has withdrawn its application to acquire vanmaker, LDV forcing the company to apply for administration.A deal agreed last month will not know go-ahead despite a government pledge of a £5m four week loan to secure the sale of the troubled vanmaker.The Birmingham-based company employs around 850 workers plus around 1,100 in its dealerships. Union representatives voiced their concerns for the future of the staff employed by LDV. Joe Morgan, Regional Secretary for general union, GMB said: “This is really bad news and it is unexpected. GMB will be seeking immediate talks with the management of LDV, with the government and with Weststar to see what the options for the future are. GMB is firmly of the view that the UK government cannot stand aside and let these manufacturing jobs go to the wall. I will be contacting Ian Austin MP the Minister for West Midlands to seek his involvement in this matter right away.”LDV had been set to go into administration at a court hearing in early May, but the court was told that LDV's Russian owner Gaz had sold its share in the firm to Weststar.The firm’s plant has not been operational since before Christmas.

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