Government puts £75m more into BL
31 May 1980
BL has received a further tranche of £75m of public funds towards the total of £300m earmarked by the Government for the company's 1980-81 new model and rationalization plans. The cash, raised by the issue to the National Enterprise Board-BL's parent company, of 150 million BL 50p ordinary shares, represents half of the £150m of state handouts upon which BL is authorized to draw this year on evidence of need.
The latest injection of Government money comes two weeks after Sir Michael Edwardes, the BL chairman, told the annual meeting that after last year's pre-tax trading loss of £122.2m further losses this year were inevitable. Strikes in the United Kingdom, high interest rates, high inflation and a strong pound have put considerable pressure on the company's cash flow.
More news from the archive
Fri, 09 May 1980
From Our Correspondent Birmingham Mr Derek Robinson, the shop steward convener dismissed by British Leyland as a threat to industrial...
Tue, 13 May 1980
From Our Correspondent Birmingham Mr Derek Robinson, the British Leyland shop steward convener who was dismissed, has been refused...
Thu, 15 May 1980
By Clifford Webb Midlands Industrial Correspondent British Leyland workers ignored the call in such numbers that delighted factory...
Fri, 16 May 1980
By Brvan Appleyard Working hours lost at BL because of internal disputes fell by 52 per cent last year and by a further 30 per cent...
Tue, 20 May 1980
By Clifford Webb A further short decline in the already depressed American car market combined with the falling dollar has forced...
Sat, 28 Jun 1980
By David Hewsan Japanese financiers will be asked next week to rescue the MG car plant after the withdrawal of some of the British...
Wed, 02 Jul 1980
By David Hewson BL has abandoned hopes that a consortium led by Aston Martin can rescue the MG car plant at Abingdon. The 900 employees...
Thu, 03 Jul 1980
The tea-break strike at BL's Longbridge plant in Birmingham ended yesterday (the Press Association reports). BL announced that unions...
Thu, 10 Jul 1980
By Clifford Webb Midlands Industrial Correspondent Attempts by a consortium led by Aston-Martin to save the MG sports car marque have...
Wed, 23 Jul 1980
From Our Correspondent Birmingham The management of the British Leyland factory where men were said to have slept on the night shift...
