Why did MG Rover close?

Why did MG Rover close?

MG Rover’s best year for car sales was their first full year of business, in 2001 – when they sold over 170,000 cars. In 2004 their sales had declined to around 120,000. The company ceased trading on 8 April 2005, with debts of over £1.4 billion, after a proposed alliance with SAIC collapsed.

Who bought Rover MG?

The remaining assets of MG Rover were bought by China’s Nanjing Automobile on Friday, its £50-60m bid fending off both the Shanghai Automotive (SAIC) team led by ex-Maserat and Ford man Martin Leach and the David James-led Project Kimber bid.

What does mg stand for in MG Rover?

Morris Garages
Established in 1924, MG (an abbreviation of Morris Garages) was personally owned by British motoring pioneer William Morris. However, the brand was masterminded by its General Manager Cecil Kimber, who identified a gap in the market for faster Morris cars with a sporty edge.

Does Rover own MG?

MG Rover Group is an independent unlisted limited company formed during the break-up of the former Rover Group by BMW AG in spring 2000 (BMW bought Rover from BAe in 1994). MG Rover Group is owned by MG Rover Group Holdings, the company formed by the previously named Phoenix Consortium.

Where is John Towers now?

And their continuing prosperity has been underlined by our discovery that John Towers is spending time renovating property at the 450-acre hunting estate in south-west France that he bought with wife Beth last year. The other three live in spacious homes in some of the most beautiful parts of rural England.

Are MG cars built in UK?

Answered by CarsGuide. Previously MG cars were produced out of Longbridge in the UK. Some of MG’s research, development and design still takes place out of the Longbridge site but since 2016 MG cars have been manufactured in China and Thailand.

Who were the Phoenix Four?

The legend of the Phoenix. Also known as Phoenix Venture Holdings, the Phoenix Consortium was comprised of four businessmen – John Towers, Peter Beale, Nick Stephenson, and John Edwards.

What happened with the Phoenix consortium?

The quartet formed Phoenix Venture Holdings and bought MG Rover for £10 from BMW in 2000. But it then nose-dived into bankruptcy in 2005, owing creditors £1.3billion, while thousands lost their jobs and pension pots.

Is the MG a good car?

The MG ZS compact SUV continues to win rave reviews from Australia’s toughest critics. This time its CarAdvice. MG’s Australian renaissance continues to win plaudits and glowing reviews, this time from the independent critics at CarAdvice.

Where are the Phoenix Four now?

Three of the four phoenixes have retired to a life of luxury, while Stephenson has gone on to head another car company in Florida. However, compared to the 6,300 workers they laid off when MG Rover went bust with nothing but a paltry £3,400 redundancy payment, the Phoenix Four have done extremely well for themselves.