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LDV set to enter administration

Date: 29 April 2009

LDV built the Maxus van until the end of last year

Van manufacturer LDV has applied to enter administration after failing to secure the investment required to keep the business operating.

In a letter to employees, LDV Group chief executive Evgeniy Vereshchagin said: "We must now inform you that the deterioration in the position of the business has forced the directors to apply for administration. I must stress that this does not mean the business is in administration yet."

The firm's application will be processed on 6 May, with directors continuing to search for funding up to that date.

All workers have been paid until the end of last week and told to stay at home and wait for further instruction.

LDV has so far this year registered 486 vans, 69.4% down on last year, with 244 going to fleet customers, 71.0% down on the first quarter of 2008.