Talks bid to save troubled van firm

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The Business Department, a management buyout team and two overseas companies interested in investing in the business will be locked in discussions.

Erik Eberhardson, the leader of the buyout team, said: "I believe LDV can be saved and the management buyout is the best option to secure it."

The Birmingham-based firm has not built any vehicles since before Christmas and has been attempting to put together a management buyout for several weeks.

The company has been pressing the Government for a bridging loan, ranging from £4 million to £40 million, to restart production and press ahead with plans for a new "green" vehicle.

Mr Eberhardson said: "I continue to have faith in the long-term green future of LDV Maxus in Birmingham."

It is understood that LDV, which is owned by Russian firm Gaz, met with officials from Lord Mandelson's Business Department (Berr) in London on Friday to discuss the future of the company.

A Berr spokesman said: "We now understand that there is still support for a management buyout so we will wait for further clarity and detail on proposals from the company, and also from any would be investors.

"LDV has told us of two potential investors from overseas companies, but there is no evidence they have committed to the company.

"We are contacting these two potential investors over the weekend to find out more information about their level of interest in LDV."