Currently reading: LDV uses vans to pay creditors

Struggling British van maker is using stock to pay off debts

Beleaguered van manufacturer LDV is using its own products to help pay its debts.

LDV is using vans as part-payment of money it owes dealerships and some parts suppliers.

An LDV spokesman was keen to emphasise that this was not an extreme move. 'It is accountancy practice where we have some money owed,' he told the Times newspaper.

Although LDV was bought by Russian billionaire Oleg Deripaska in 2006, bringing it under the same group as car maker Gaz, LDV says it can no longer rely on finance from the Russian automotive giant.

LDV also has to find almost £1m to pay national insurance contributions for its 500-strong workforce.

Join our WhatsApp community and be the first to read about the latest news and reviews wowing the car world. Our community is the best, easiest and most direct place to tap into the minds of Autocar, and if you join you’ll also be treated to unique WhatsApp content. You can leave at any time after joining - check our full privacy policy here.

Add a comment…