LDV seeks government help

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Birmingham-based van maker LDV is reported to have asked the government for millions of pounds in loans to tide it over while it goes ahead with plans for a management buyout.

The firm is currently owned by Russian company Gaz and employs 900 people, all of whom could lose their jobs if the company goes under.

Gaz is owned by oligarch Oleg Deripaska, a friend of business secretary Lord Mandelson who is responsible for approving the loan.

Earlier this month, LDV secured a three-year contract with builders’ merchant Jewson and its sister company Graham, the plumbers’ merchant, in a deal worth £11 million.

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