MG Rover Group
Byers was heavily criticised for his part in the collapse of the MG Rover Group. Byers, as Secretary of State for Trade and Industry, advocated the 2000 deal with the Phoenix Consortium instead of the bid from Alchemy Partners, a successful turnaround private equity investor that would have slimmed down the business. Although this deal prolonged the existence of the group for five years, it ultimately collapsed at extensive cost to the British tax payers while giving large profits from a dowry given by the seller BMW to the Phoenix Consortium. Byers responded to this criticism in his submission to the Trade and Industry committee, stating that his actions had largely been in line with government policy and that the long slow collapse of MG Rover Group had been preferable to a short sudden collapse.