Eversheds has been mildly rebuked in an otherwise damning report into the collapse of MG Rover.
The Government-commissioned report found that Eversheds was unable to complete full due diligence in relation to Phoenix Venture Holdings’ (PVH) acquisition of Rover from BMW.
Eversheds usurped Wragge & Co as Rover’s go-to adviser when the company was reborn as MG Rover following its sale in 2000.
After MG Rover went into administration in 2005 the Government commissioned the investigation into its demise.
Although the report criticises Eversheds in some respects, it did not find that the firm’s advice contributed to the company’s collapse. The report points out that PVH did not follow Eversheds’ advice to the letter, particularly in relation to the sale of its parts business XPart to Cat Logistics, a deal designed to keep MG Rover afloat.