Fleet News

Employees and dealers to share Rover

THE Phoenix Consortium has made a commitment to joint ownership of the firm with employees and dealers. The consortium's head, John Towers, will have a share in the firm as will other Phoenix members.

These are Richard Ames, dealer principal of Ames Rover, John Edwards, managing director of Rover dealership Edwards of Stratford, his finance director Peter Beale, Midlands' financier Brian Parker and Terry Whitmore, joint managing director of Mayflower, a Coventry-based company producing bodyshells for the MGF sportscar. Towers said a new employee trust would be established worth more than a third of the share value of the company.

Dealers would also be offered a similar scheme on a further slice of the share value. The legalities of the scheme are being worked on now he said, and further details were therefore not available.

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