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| GB Sports ‘close to agreement’ on MG Sport and Racing acquisition - FT |
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GB Sports, run by Fraser Welford-Winton, former head of Rover's engine business, is understood to be close to agreeing terms to buy the assets of MG Sport and Racing from PwC, the administrator. The assets include the rights to the SV ‘supercar’ produced in very small quantities before MG Rover was placed in administration in April. The MG Sport and Racing subsidiary was put into administration with debts of £48m and assets of £11.5m in April when parent MG Rover collapsed.
GB Sports plans to rebuild the Austin-Healey brand, licensing the use of the name from MG Rover’s owner Nanjing Automobile, with which GB Sports may also be involved in the restart of MG TF and ZT production at Longbridge. The FT reports this morning that Qvale Automotive, a US firm which sold the rights to its Qvale Mangusta car to MG Rover in 2001 before the latter renamed it ‘SV’ had dropped claims to design rights in the SV in return for the right to distribute the car as an Austin Healey in the US. GB Sports is financed by a US consortium.
Neither PwC administrators nor GB Sports confirmed the FT report.
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Source : http://www.autoindustry.co.uk
(12/19/2005)
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| Other
Stories of Tuesday, December 20, 2005 |
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| New Data Shows Low Seat Belt Use Plagues States With Weak Belt Laws |
| EPA Technology Could Vastly Improve Fuel Economy |
| GM Ends Production of Isuzu Model |
| Executives Promoted at Toyota's Indiana Operation |
| Collins & Aikman Names Dennis Profitt President, Plastics Operations |
| BMW 3 Series Named to 15th Consecutive Car and Driver "10Best" List |
| Honda to Mass Produce Next-Generation Thin Film Solar Cell |
| Toyota to develop lithium ion battery |
| Pep Boys Offers Tips to Help Motorists Drive Safely This Winter |
| Delphi commited to agreement with GM, unions |
| Honda to mass-produce next-generation thin film solar cell in two years |
| Ricardo appoints two new directors |
| Kia unveils Soul crossover concept |
| Amerityre Retains CCG for Investor Relations and Strategic Communications Program |
| New Data Show South Dakota's Seat Belt Use Fifth Lowest in the Nation |
| Geely to start car sales in US by 2008 |
| Extended Responsibilities at DaimlerChrysler Communications |
| Leica Geosystems Receives Chinese Outstanding Product Award |
| Visteon Appoints Kimberley Crews Goode as Vice President, Corporate Communications |
| Nissan assesses urge for Urge |
| Visteon Demonstrates Insightful Automotive Innovations |
| CSK Auto Corp. Completes Purchase of Murray's Discount Auto Stores and Financing Transactions |
| Ballard Partner Announces Launch of Kerosene-Fueled Cogeneration Units in 2006 |
| Big Three automakers lost share to foreign rivals-report |
| December sees growth in supplier M&A activity |
| London Public Carriage Office maintains Conditions of Fitness favouring dedicated taxis |
| Sheene's Suzukis up for sale |
| HD Positions and CPS Launch New UK High Accuracy Tracking Service Based on CPS Matrix Technology and Orange Network |
| Collins & Aikman Names Dennis Profitt President, Plastics Operations |
| Visteon Appoints Kimberley Crews Goode as Vice President, Corporate Communications |
| Moon Township, Penn., Family Wins the 'Great Dodge Durango Wrap-Off' |
| Visteon Demonstrates Insightful Automotive Innovations |
| irst Chinese Automaker to Display Work in Detroit |
| Kia releases sketch of all-new ‘Soul’ concept car |
| Toni Melfi leaving DaimlerChrysler AG |
| AFV Solutions is 'Focus On Fleets' Sponsor of Clean Cities Congress |
| Hyperion Named Blue Sky Merit Winner for its Drive Clean to Drive Change Program |
| Nissan in Japan Stars Online Repair Shop Time Slots |
| Parents put the Brakes on as New Drivers Take to the Road |
| Delphi: Committed to reaching agreement with GM, union |
| GM, Ford shares spin out |
| Renault may suspend China production plans – report |
| J.D. Power and Associates Reports: Luxury New-Vehicle Buyers Increasingly Secure Financing Without Assistance From the Dealer |
| Media gives top awards to Nissan |
| NHTSA Safety Belt Use Report |
| Toyota Withdraws From Indy Racing League Competition |
| Kia Rio Named Most Improved New Car for 2006 by Autobytel |
| Kia shows it's got Soul |
| Reader Test Team views Merc S-Class |
| Intel to launch F1 and wider equipment standards partnership with BMW |
| Herbert launches Trofeo Maserati |
| Bumper year for Tracker |
| Kia Rio Named Most Improved New Car for 2006 by Autobytel |
| Ituran Location and Control Ltd.: Filing of a Lawsuit in Israel Against Ituran |
| Harley-Davidson, Inc. Web-Cast Conference Call Scheduled for Thursday, January 19, 2006 |
| DaimlerChrysler Services Continues to Support the Rebirth of Englewood's Initiatives of Community Development for Chicago's South Side Neighborhoods |
| Finbar JV buys into old RAC HQ |
| Daihatsu introduces new Esse in Japan |
| Domestic Automakers and Hyundai Motor Lost Retail Market Share When Compared to Early December 2004 |
| Iran-Khodro exports top $115 mln since March |
| Honda Motor to produce next-gen solar cells |
| IIHS President To Retire |
| Delphi committed to agreement with GM, unions |
| Lookers plc acquires six dealerships from HR Owen plc |
| Toyota plans lithium ion battery joint venture with Matsushita |
| Iveco concludes Chinese JV agreement with SAIC |
| TI is in Driver's Seat of High Performance Audio Processing with HARMAN/BECKER Automotive Systems Design Win |
| Power Information Network Reports: Domestic Automakers and Hyundai Motor Lost Retail Market Share When Compared to Early December 2004 |
| GEICO's General Counsel Charles R. Davies to Retire; Dana Proulx Named as Successor |
| Noble Appoints Andrew J. Tavi Deputy General Counsel |
| Alado Bumi Automobile targets to sell 2,000 Chery cars next year |
| Travado IBUS School Bus Digital Video Recording System Successfully Being Used |
| Technology and Orange Network |
| New diesel for Suzuki Grand Vitara |
| Research Company Reports Consumer Loan Satifaction Study |
| Honda sees its car sales up almost double digits |
| Mercedes eyes 4.25 bln euro profit by 2008 -report |
| Kia delivers Soul |
| Delphi Focuses Efforts On Reaching Consensual Agreement |
| Some New Yorkers to see auto insurance premium reduction |
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