The group of four who owned MG Rover - John Towers, Nick Stephenson, Peter Beale and John Edwards - have been accused of asset stripping. The quartet, known as the Phoenix Four, paid a symbolic £10 (approximately €15) for Rover in 2000. At that time the company received an interest-free loan from former owner BMW for £427 million (approximately €700 million) and came with a large amount of unsold stock.
The group of four who owned MG Rover — John Towers, Nick Stephenson, Peter Beale and John Edwards — have been accused of asset stripping. The quartet, known as the Phoenix Four, paid a symbolic £10 (approximately €15) for Rover in 2000. At that time the company received an interest-free loan from former owner BMW for £427 million (approximately €700 million) and came with a large amount of unsold stock.
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