Phoenix Venture Holdings (PVH), also known as the Phoenix Consortium, is a British company formed by four businessmen. Following BMW's break-up of the Rover Group a financially complex deal involving a £500 million "dowry payment" from BMW, resulted in PVH purchasing Rover in May 2000 for the notional sum of £10, relaunching the car company as MG Rover. MG Rover and related companies placed themselves in administration on April 8, 2005.

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  • 2000-01-01 00:00:00 (xsd:date)
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  • John Towers, Peter Beale, Nick Stephenson, and John Edwards
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  • 2000-01-01 00:00:00 (xsd:date)
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  • John Towers, Peter Beale, Nick Stephenson, and John Edwards
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dbpprop:abstract
  • Phoenix Venture Holdings (PVH), also known as the Phoenix Consortium, is a British company formed by four businessmen. Following BMW's break-up of the Rover Group a financially complex deal involving a £500 million "dowry payment" from BMW, resulted in PVH purchasing Rover in May 2000 for the notional sum of £10, relaunching the car company as MG Rover. MG Rover and related companies placed themselves in administration on April 8, 2005. A subsequent scathing report commissioned by the government into the collapse of MG Rover has revealed that five executives took £42m in pay and pensions from the troubled firm as it collapsed. The report focuses its criticism on the Phoenix Four and chief executive Kevin Howe who oversaw its collapse. Other findings included evidence of a personal relationship between Nick Stephenson and a consultant who he paid more than £1.6m in the 15-month period up to April 2005. Meanwhile, "Evidence Eliminator" software installed by Mr Beale deleted documents which were likely to have been relevant to the investigation. The investigators further accused Mr Beale of giving "untruthful" evidence during interviews. Conservative business spokesman Kenneth Clarke said it was right the report criticised the Phoenix Four, whose behaviour was "disgraceful". Lord Mandelson said the Phoenix group had not shown an "ounce of humility" about the firm's demise and they owed an apology to the firm's employees and creditors. Phoenix Venture's main trading businesses are/were: Studley Castle Ltd. MGR Financial Ltd. - joint venture with the Royal Bank of Scotland MG Rover Exports Ltd. - administered by PriceWaterhouseCoopers Phoenix Distribution Ltd. - administered by PriceWaterhouseCoopers Phoenix Venture Motors Ltd. - administered by PriceWaterhouseCoopers MG Rover Group Ltd. - administered by PriceWaterhouseCoopers, assets sold to Nanjing Automobile Powertrain Ltd. - administered by PriceWaterhouseCoopers, assets sold to Nanjing Automobile MG Sport and Racing Ltd. - administered by PriceWaterhouseCoopers
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  • Phoenix Venture Holdings Ltd
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  • Holding Company
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  • 2000 (xsd:integer)
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  • Phoenix Venture Holdings (PVH), also known as the Phoenix Consortium, is a British company formed by four businessmen. Following BMW's break-up of the Rover Group a financially complex deal involving a £500 million "dowry payment" from BMW, resulted in PVH purchasing Rover in May 2000 for the notional sum of £10, relaunching the car company as MG Rover. MG Rover and related companies placed themselves in administration on April 8, 2005.
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  • Phoenix Venture Holdings
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  • Phoenix Venture Holdings Ltd
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