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LDV in administration as all staff made redundant

AILING van maker LDV yesterday laid off all its workers after it was put into administration. <br /><br />LDV, which is owned by Oleg Deripaska&rsquo;s GAZ, employed 850 people directly and thousands more in dealerships and supply chains. <br /><br />PricewaterhouseCoopers (PwC) will now take over the running of the firm.<br /><br />&ldquo;There is still the opportunity of a bright future for LDV,&rdquo; the vanmaker said yesterday morning, shortly before PwC made all its employees redundant. <br /><br />&ldquo;Although most of LDV&rsquo;s suppliers will have already provided for the bad debt, this will be of little comfort to a sector that is suffering from a continual erosion of revenues and forward order book visibility,&rdquo; said John Kelly of Begbies Traynor.<br /><br />The news comes a week after potential white knight Weststar pulled out of buying the company, saying it couldn&rsquo;t raise enough cash to complete the transaction. <br /><br />LDV&rsquo;s directors had hoped to convince the British government to bail them out with a &pound;60m loan, despite having seen a plea for &pound;45m from Weststar rejected. The Malaysian firm had already secured a &pound;5m bridging loan from the government.<br /><br />It is understood that Weststar is considering making a new offer for LDV&rsquo;s best assets later this week.