Look Away Now If You're One of the 25,000 Facing Hard Times After Rover's Collapse. Here Are The. . . Phoenix Fat Cats ; On the Day Britain's Last Major Car Maker Announced It Had Called in the Administrators, the Pm Promises to Rescue Jobs but Can't Say How He'll Do It

Summary

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WHILE up to 25,000 workers at Rover and its suppliers face a bleak future, the five men who headed the company can comfort themselves by checking their bank balances.

John Towers, Peter Beale, Nick Stephenson and John Edwards bought the company for Pounds 10 in 2000.

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Extract

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Look Away Now If You're One of the 25,000 Facing Hard Times After Rover's Collapse. Here Are The. . . Phoenix Fat Cats ; On the Day Britain's Last Major Car Maker Announced It Had Called in the Administrators, the Pm Promises to Rescue Jobs but Can't Say How He'll Do It

Since then, together with their chief executive Kevin Howe, they have taken more than Pounds 40million out of MG Rover. They have been paid Pounds 9.7million and set up a Pounds 16.5million pension fund, while the four founders took Pounds 10million as a 'loan repayment', together with Pounds 1.537million in interest, and will soon share a Pounds 2.6million windfall from the wind...

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