THE 75 AFTER BMW
THE PHOENIX FOUR
Much has been said in the past of the Phoenix Four at the top of MG Rover. But who were they and what was the deal which led to the transfer of MG Rover?
The Phoenix Consortium was led by four men: John Towers, Peter Beale, Nick Stephenson and John Edwards. Nominally they paid £10 for Rover, but in truth the company came with a £500m dowry from BMW. This came in the form of a £427m interest free loan and a stock of cars. The reason behind this was simple; BMW was liable for redundancy payments if Rover Group went bankrupt within the first three years of
