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Rover sell-off: Alchemy statement

16 March 2000

Full text of statement by venture capital group Alchemy Partners on its acquisition of Rover Cars from BMW.

Alchemy Partners is pleased to announce the impending launch of the MG Car Company following today's outline agreement with BMW to acquire Rover Group. The new company will continue with Rover's current model range of the 25, 45, 75, Old Mini and MGF will provide ongoing service to Rover's customers.

The new company will focus on developing a state of the art British built product range worthy of the sporting heritage of the MG name. The product will use the latest developments in composites and aluminium body technology and will appeal to the motoring enthusiast well versed in the history of the marque going back to the former Morris Garages which started modifying standard Morris Cowleys in 1922.

The MG Car Company will be synonymous with British technology and manufacturing know-how at its best, producing cars which are sought after in the medium volume segment of the market. The new company will be a responsible custodian of the MG brand and the entire current Rover model range investing in and taking its products to new levels of desirability.

It is expected that the MG Car Company will employ a significant workforce and will rapidly develop into a selfstanding highly viable British car manufacturer.

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