Sandie Seward
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850 Jobs at risk as LDV applies for Administration.MORE than 850 jobs were put in danger today as beleaguered van maker LDV announced it had applied for administration.
Directors of the Birmingham-based firm - which has not built any vehicles since last year - revealed plans to sell the business following the decision from its Russian owner Gaz.
The troubled firm became the latest victim of the crippling recession after a planned management buyout failed to materialise and efforts to raise money from overseas investors in the past few months have so far failed to bolster LDV's financial woes.
In a letter to workers today, Chief executive Evgeniy Vereshchagin said: “Despite all our efforts over the past few months, we have so far been unable to secure the investment required for the business.
“During the past few weeks, the global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position without funding indefinitely."
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