§ Mr. BellinghamTo ask the Secretary of State for Trade and Industry how much public assistance has been given to MG Rover since it was sold to the Phoenix venture capital group. [140519]
§ Jacqui SmithMG Rover Group was sold in May 2000 to Techtronic (2000) Ltd. This company was later acquired by Phoenix Venture Holdings Ltd. Since May 2000, MG Rover has been offered public assistance of up to £9 million towards the cost of employee training and development. As of 1 December 2003, MG Rover1046W had drawn down £3,512,211 which represents 39.7 per cent. of the total sum spent by the company under this programme.
MG Rover has received one offer of grant for £62,500 under the Foresight Vehicle LINK programme, to fund collaborative research.
Note:
A consortium led by MG Rover has been successful in the Low Carbon Car Challenge, offered by my right hon. Friend the Secretary of State for Transport. No funding has yet been given under this programme. The final amount that will be payable is the subject of some discussion between the company and officials from the Department for Transport.