30th October 2014
The past week saw a stir in the press as it was reported the Phoenix Consortium are in line for another multi million pound windfall. It was first reported in the Birmingham Post they are in line for a further£6million due to the winding up of MG Rover Capital and the release of cash reserves locked in the accounts since 2005. This news comes a year after telling the ex-workers no money would be given to them for their Employee Trust Fund. Speaking after closure, John Towers said he hoped up to £50million would be available to off-set the fact the 6,500 workers were made redundant with no company redundancy payout, despite themselves being remunerated with a reported £42million.
When asking (in 2010) about the potential for this money to be available for the Employee Trust Fund, John Towers commented he expected the money to be wiped out by claims.
Upon hearing this news and how the potential windfall conflicts with previously expecting nothing from the company - I’ve written an open letter to John Towers requesting this money now be made available to the ex workers.