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LDV withdraws administration filing

UK van manufacturer LDV has today withdrawn an administration filing after the subsidiary was sold to a Malaysian vehicle importer. LDV has been at the centre of a significant tug-of-war between the UK government, the company's former Russian owner and the unions with significant unrest and disappointment at the lack of financial assistance from the UK authorities. Only a few weeks ago it seemed administration was inevitable with all out closure a distinct possibility.

However, it has now been confirmed that the UK government has finally stepped into the heat of battle with a £5 million bridging loan designed to keep the company trading until the official handover is completed. Whether this is the full extent of the government's assistance remains to be seen as there are significant numbers of jobs at risk in and around the Midlands area. It appears as though the UK authorities were reluctant to offer assistance to privately owned operations such as LDV as they feared a potential landslide of similar claims and demands.

Despite this last-minute reprieve for LDV there are still significant concern amongst unions and workers as to whether there is a long-term future for the company in the UK. Vehicle manufacturing has been in decline for over 20 years with the vast majority of the U.K.'s best-known car manufacturers having been taken over, with significant production now carried out overseas. Only time will tell how the new shaped LDV will survive but it seems certain to be a rocky ride.

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