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18/04/2005
Inquiry launched into MG Rover’s accounts
The Financial Reporting Council is to launch an investigation into the accounts of collapsed car firm MG Rover, amid reports of a £400 million “black hole” in the company’s accounts.
John Towers, one of the directors of Phoenix Venture Holdings, who took over MG Rover from BMW in 2000, dismissed the reports as “ridiculous”. Mr Towers also claimed that he was the victim of a “character assassination” and said that other company bosses received more than the £200,000 annual salary and £105,000 pension which he received.
MG Rover, which went into administration just over a week ago, following the collapse of a possible deal with Shanghai Automotive Industry Corporation (SAIC), announced that nearly 5,000 workers would be made redundant on Friday.
The government has pledged £150 million in support of the workers who have been made redundant, as well as for suppliers of MG Rover, who could also face job losses as a result of the car firm’s collapse.
A task force, which has been established to administer the government funds, is due to meet today. The money is expected to be used to provide redundancy payments and retraining for redundant workers, as well as to support MG Rover’s supply chain and help diversify industry in the Longbridge area in Birmingham, where the Rover plant is located.
The Citizens Advice service in the West Midlands has set up a telephone helpline for anyone affected by the collapse of MG Rover. The helpline, which has six lines, will be staffed by trained advisors offering independent, confidential information and advice on a wide range of issues, including money worries, welfare benefits and debt.
Citizens Advice Midlands Regional Manager Sue Wigley said: “At a time when so many thousands of people in the West Midlands are facing redundancy, Citizens Advice has a vital role to play in ensuring they have access to timely free, confidential and independent advice from a trusted source on the issues they are most worried about. The helpline is intended to provide an immediate emergency service, but we are also working with the regional Task Force on plans to provide additional advice services in the longer term for those affected by what happens at Longbridge.”
The helpline number is: 0121 687 5357. Advice is also available: www.adviceguide.org.uk
(KMcA/GB)
John Towers, one of the directors of Phoenix Venture Holdings, who took over MG Rover from BMW in 2000, dismissed the reports as “ridiculous”. Mr Towers also claimed that he was the victim of a “character assassination” and said that other company bosses received more than the £200,000 annual salary and £105,000 pension which he received.
MG Rover, which went into administration just over a week ago, following the collapse of a possible deal with Shanghai Automotive Industry Corporation (SAIC), announced that nearly 5,000 workers would be made redundant on Friday.
The government has pledged £150 million in support of the workers who have been made redundant, as well as for suppliers of MG Rover, who could also face job losses as a result of the car firm’s collapse.
A task force, which has been established to administer the government funds, is due to meet today. The money is expected to be used to provide redundancy payments and retraining for redundant workers, as well as to support MG Rover’s supply chain and help diversify industry in the Longbridge area in Birmingham, where the Rover plant is located.
The Citizens Advice service in the West Midlands has set up a telephone helpline for anyone affected by the collapse of MG Rover. The helpline, which has six lines, will be staffed by trained advisors offering independent, confidential information and advice on a wide range of issues, including money worries, welfare benefits and debt.
Citizens Advice Midlands Regional Manager Sue Wigley said: “At a time when so many thousands of people in the West Midlands are facing redundancy, Citizens Advice has a vital role to play in ensuring they have access to timely free, confidential and independent advice from a trusted source on the issues they are most worried about. The helpline is intended to provide an immediate emergency service, but we are also working with the regional Task Force on plans to provide additional advice services in the longer term for those affected by what happens at Longbridge.”
The helpline number is: 0121 687 5357. Advice is also available: www.adviceguide.org.uk
(KMcA/GB)
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25 February 2005
Concern over jobs cuts at MG Rover
There is continuing speculation that up to 2000 jobs may be under threat at UK car manufacturer MG Rover as the company seeks to clinch an investment deal with a Chinese automotive group.
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There is continuing speculation that up to 2000 jobs may be under threat at UK car manufacturer MG Rover as the company seeks to clinch an investment deal with a Chinese automotive group.
23 August 2007
Fourth Arrest Over Biker Murder
A fourth man has been arrested in connection with the murder of biker Gerard Tobin. Mr Tobin, 35, of south London was shot dead as he travelled home on the M40 from the Bulldog Bash bikers' festival at Long Marston near Stratford, Warwickshire on August 12.
Fourth Arrest Over Biker Murder
A fourth man has been arrested in connection with the murder of biker Gerard Tobin. Mr Tobin, 35, of south London was shot dead as he travelled home on the M40 from the Bulldog Bash bikers' festival at Long Marston near Stratford, Warwickshire on August 12.
12 April 2005
Directors offer £49 million to aid MG Rover
The owners of the beleaguered MG Rover group have pledged £49 million in assets in a bid to help save the company.
Directors offer £49 million to aid MG Rover
The owners of the beleaguered MG Rover group have pledged £49 million in assets in a bid to help save the company.
08 October 2014
ASA Ban Wonga Advert
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A television advert by payday loan company Wonga has been banned by the Advertising Standards Authority (ASA). It is understood that the Citizens Advice Bureau lodged a complaint over the ad, claiming that it breached regulations by not revealing the loan's interest rate.
03 September 2014
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service. The decision cost the average adult £428 in 2013. One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service. The decision cost the average adult £428 in 2013. One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
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