LDV saved in Malaysian firm

A last-ditch deal to save van-maker LDV from going into administration was agreed with a Malaysian firm last night. In undertaking to buy the Birmingham-based business, vehicle importer Weststar will safeguard hundreds of jobs. It will also invest in the firm's plant, which has been idle since before Christmas. The company was due to go into administration today raising fears for 850 workers. The company has not built any vans since before Christmas, after its Russian owner, Gaz, decided to sell the business. As negotiations continued last night, Lord Mandelson's Department for Business and Enterprise said it was making a 'one-off' £5m bridging loan available to aid the deal. Business minister Ian Pearson said it 'offers the only credible chance of keeping this manufacturing plant in the UK'. 'Whilst completion of the deal is not certain, it would have been irresponsible not to support it going forward,' said Mr Pearson.

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