Tachoblog is sad to announce that LDV have been placed into administration by a court. 850 jobs are directly at stake with thousands more in the supply chain.
The company’s management team have made the following statement:
‘Firstly the management team want to thank our employees, dealers, suppliers, business partners and Liam Byrne MP for their support, enabling us to try to secure a future for this important British business.
Over the past year, the new management team at LDV have restructured the business for profitability, creating an exciting future with the potential to be the first manufacturer able to offer both electric and diesel light commercial vehicles. This is a plan that clearly supports the vision of the British government for the industry.
The management team have worked exceptionally hard to deliver this plan, but despite every effort made around the globe, have been unable to obtain the required funding from the banking system. Like much of industry, it is access to working capital that remains an issue which will go on to cause further job losses if not addressed.
We now hope that any possible buyers recognise the potential of the investment already made at LDV and what has been achieved in the last year to transform the future profitability of the business. There is still the opportunity of a bright future for LDV, however now the management team must now hand control of the business over to the administrators and hope this can be achieved in this process.
All further communication about LDV will now come from the administrator.’
Tachoblog hopes that a buyer for the promising company can be quickly found.