Rolls-Royce sale could be held up

The sale of Rolls-Royce Motors by Vickers may be delayed until the end of April for interested parties to put their bids together. BMW, Mercedes-Benz, Volkswagen and Toyota have received sales information memorandums from Lazards, which is handling the sale, as has the Rolls-Royce Action Committee, the group seeking a management buy-in to keep Rolls-Royce […]

The sale of Rolls-Royce Motors by Vickers may be delayed until the end of April for interested parties to put their bids together.

BMW, Mercedes-Benz, Volkswagen and Toyota have received sales information memorandums from Lazards, which is handling the sale, as has the Rolls-Royce Action Committee, the group seeking a management buy-in to keep Rolls-Royce British.

The committee, under new chairman John Richards, has asked former Rover executive Kevin Morley to seek venture capital.

Morley said: ‘My task is to raise sufficient funds via the City to enable a bid for Rolls-Royce to take place.’

He said that its bid price would be ‘as little as possible to enable the purchase to be successful plus investment funds to enable the company to be profitable’.

An industry source close to Rolls-Royce said: ‘Morley’s got it all in place. All credible bidders have got the information memo.’

Former RRAC chairman Michael Shrimpton, who is trying to mount a new bid for Rolls-Royce, may not have received the memorandum of sale. He was unavailable for comment.

BMW is understood to be offering £250m. Vickers aims to raise £400m from the sale. It is believed that Chrysler and a Fiat-linked team which had earlier shown interest are no longer in the running.