Former MG Rover boss sees French property as investment opportunity
The ex-boss of MG Rover, who headed up the Phoenix Venture Holdings consortium which acquired the car company from BMW in May 2000, has identified French property as his next investment opportunity.
According to the Birmingham Mail, John Towers recently acquired two cottages in a state of disrepair near Toulouse in south-west France.
He has set aside £150,000 for the renovation of the cottages which lie on a 450 acre hunting estate.
"He is restoring rundown properties in France - two cottages that they are turning into one," Ian Strachan, a spokesperson for Phoenix Venture Holdings, told the newspaper.
"He spends a lot of time there, although he still has a house near Rugby."
When Phoenix Venture Holdings took over MG Rover in 2000, the firm was making a loss of around £400 million a year.
Although these losses were stemmed - with an £80 million loss recorded in 2004 - a profit was never achieved, and the company ceased trading on April 8th 2005.
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