John Towers CBE (born 30 March 1948) is a Britishbusinessman, who was the owner and managing director of MG Rover Group from 2000 until the company entered administration in 2005. This followed a succession of senior appointments within Rover, which he had joined from Massey Ferguson in 1988.
Towers started his career in 1966 as a student apprentice with Perkins Engines of Peterborough, which by that time had become a subsidiary of Massey Ferguson. He rose within Perkins to become Director of Engineering before leaving in 1988 to join the Rover Group.
Together with Peter Beale, Nick Stephenson and John Edwards, Towers formed Phoenix Venture Holdings (PVH) which bought Rover Group for £10 in April 2000. In addition they also bought the Studley Castle, a conference hotel.
They subsequently purchased Midland Powertrain, MG Rover's engine plant from BMW for £20. Finally, for £50 along with an undisclosed sum from the Royal Bank of Scotland, they purchased Rover Capital, (now MG Rover Capital) a book of Rover car loans.
Kevin Howe was appointed MG Rover's Managing Director in July 2000.
In April 2005, MG Rover went into administration, following the collapse of takeover talks with Shanghai Automotive Industry Corporation (SAIC). Towers was heavily criticised for his role in the company's demise,[1] and the Phoenix Consortium's conduct relating to Rover Group was initially referred to the Serious Fraud Office (SFO), although after initial investigations the SFO concluded that no further action would be taken. Following publication of a government report[1] into the failure of MG Rover, Towers – along with the other directors of Phoenix – have been disqualified from holding any company office in the United Kingdom or have undertaken not to do so. [2][3]
Towers ran MG Rover until 2005, when it collapsed with the loss of 6,500 jobs. PVH was found to have given management "unreasonably large" payouts, a government-commissioned report found, which were "out of all proportion". Towers awarded himself £8.958m whilst nearly all employees lost their jobs.[4]
Nanjing Automobile subsequently brought MG out of administration, but have since moved production to China.
ReferencesEdit
^ ab. Archived from the original on 14 September 2009. Retrieved 11 September 2009.
^carmagazine.co.uk: "'Phoenix Four' MG Rover directors to be banned" 11 Sep 2009
^independent.co.uk: "Management ban for Phoenix Four" 9 May 2009
^bbc.co.uk: "Rover bosses attacked over payout" 11 Sep 2009
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john, towers, businessman, this, biography, living, person, needs, additional, citations, verification, please, help, adding, reliable, sources, contentious, material, about, living, persons, that, unsourced, poorly, sourced, must, removed, immediately, from, . This biography of a living person needs additional citations for verification Please help by adding reliable sources Contentious material about living persons that is unsourced or poorly sourced must be removed immediately from the article and its talk page especially if potentially libelous Find sources John Towers businessman news newspapers books scholar JSTOR June 2009 Learn how and when to remove this template message John Towers CBE born 30 March 1948 is a British businessman who was the owner and managing director of MG Rover Group from 2000 until the company entered administration in 2005 This followed a succession of senior appointments within Rover which he had joined from Massey Ferguson in 1988 John TowersBorn 1948 03 30 30 March 1948 age 75 CitizenshipBritishOccupationBusinessmanYears active1966 2005Employer s MG Rover GroupRover GroupPhoenix Venture HoldingsPerkins EnginesTowers started his career in 1966 as a student apprentice with Perkins Engines of Peterborough which by that time had become a subsidiary of Massey Ferguson He rose within Perkins to become Director of Engineering before leaving in 1988 to join the Rover Group Together with Peter Beale Nick Stephenson and John Edwards Towers formed Phoenix Venture Holdings PVH which bought Rover Group for 10 in April 2000 In addition they also bought the Studley Castle a conference hotel They subsequently purchased Midland Powertrain MG Rover s engine plant from BMW for 20 Finally for 50 along with an undisclosed sum from the Royal Bank of Scotland they purchased Rover Capital now MG Rover Capital a book of Rover car loans Kevin Howe was appointed MG Rover s Managing Director in July 2000 In April 2005 MG Rover went into administration following the collapse of takeover talks with Shanghai Automotive Industry Corporation SAIC Towers was heavily criticised for his role in the company s demise 1 and the Phoenix Consortium s conduct relating to Rover Group was initially referred to the Serious Fraud Office SFO although after initial investigations the SFO concluded that no further action would be taken Following publication of a government report 1 into the failure of MG Rover Towers along with the other directors of Phoenix have been disqualified from holding any company office in the United Kingdom or have undertaken not to do so 2 3 Towers ran MG Rover until 2005 when it collapsed with the loss of 6 500 jobs PVH was found to have given management unreasonably large payouts a government commissioned report found which were out of all proportion Towers awarded himself 8 958m whilst nearly all employees lost their jobs 4 Nanjing Automobile subsequently brought MG out of administration but have since moved production to China References Edit a b Report on the affairs of Phoenix Venture Holdings Limited MG Rover Group Limited and 33 other companies Department for Business Innovation and Skills Archived from the original on 14 September 2009 Retrieved 11 September 2009 carmagazine co uk Phoenix Four MG Rover directors to be banned 11 Sep 2009 independent co uk Management ban for Phoenix Four 9 May 2009 bbc co uk Rover bosses attacked over payout 11 Sep 2009 nbsp This article about a British businessperson born in the 1940s is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title John Towers businessman amp oldid 1106016214, wikipedia, wiki, book, books, library,
