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Van Insurance News

Last-minute loan saves LDV from collapse

6th May 2009

Hundreds of jobs at van maker LDV have been saved thanks to a last-minute loan, in news of interest to people looking for cheap van insurance.

Malaysian investor Weststar has agreed to buy the struggling manufacturer, while the government has pledged a four-week bridging loan of £5 million to help the deal go forward.

LDV was expecting to go into administration today (May 6th) after announcing in February that it was running out of money, but the 850 workers at its Birmingham plant have had a reprieve thanks to Weststar.

Business minister Ian Pearson said it would have been "irresponsible" of the government not to support the manufacturer.

"Weststar's proposed purchase of LDV offers the only credible chance of keeping this manufacturing plant in the UK," he added.

LDV last month took an order from the AA's Fuel Assist fleet for an additional 20 vans following successful trials in 2008. ADNFCR-1602-ID-19154847-ADNFCR