Eversheds gets wrist slapped in Rover report

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.