LDV group, the light commercial vehicle manufacturer, is now “very much back in business” according to interim chief executive officer, Charles P Megan.
In December 2005, LDV announced a major refinancing programme with Sun Europe, an affiliate of Sun Capital Partners, who is now the principal shareholder in LDV, following a “significant sum” paid for acquisition and a £45m injection of funds. Phil Dougall, managing director of Sun Europe said that Sun saw LDV as having a “strong brand with a bright future.”
Megan said that after 90 days of owning LDV, there has been a significant turnaround in the business. All agreed payments to suppliers, dealers and customers have now been met in full and on-time. He also said that “Production is back on stream.”
“We have signed agreements with all dealers, a new parts distribution agreement is in place with Lex Auto Logistics and we’re producing vehicles at a rate of 200 per week.” He also went on to say that LDV is now a better, leaner and more responsive business, with the capability to grow quickly.
LDV recently secured an order from Royal Mail for 436 vans. Nigel Peat, Royal Mail’s specialist buyer said: “LDV has always been one of our suppliers and we’re delighted that the new business has continued the tradition of making specialist vehicles to match our precise needs.” Megan confirmed that LDV is also concentrating on strengthening its export business with orders from Turkey, Malaysia and Denmark.
Dougall said that LDV would focus on the further development of the Maxus range of vans and said that: “We have an outstanding track record in recognising companies which have the necessary attributes for success.”