Malaysian vehicle importer and vehicle manufacturer Weststar has completed a deal to buy Birmingham-based LDV. Yesterday, the British government agreed to provide the ailing van manufacturer with a £5m bridging loan to keep it afloat while Weststar completed the deal. Financial terms have yet to be disclosed.
Guy Jones, marketing director at LDV, says: "While a sale has been agreed,
it will take another few weeks to be completed and the loan from the government is to enable the business to continue operating while this process takes place. This is clearly a significant development for LDV, but there are still major steps to be completed over the next few weeks."
Following the announcement, LDV is expected to recall its application for bankruptcy protection, which it filed on 29 April.
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