JAGUAR Land Rover's much needed [...]; INDUSTRY: Bosses welcome car maker 'confidence'.
JAGUAR Land Rover's much needed cash injection highlights the "ongoing confidence" in the luxury car maker as a quality brand, according to leaders in Coventry and Warwickshire.
News that the manufacturer has secured funding from commercial banks, has been welcomed by groups and dignitaries across the region.
Business leaders believe the multi-million pound deal shows faith in the recovery of the automotive sector, which has seen a massive slump in sales over the past year due to the global recession.
The private sector funding will safeguard thousands of jobs at the car giant, including around 4,000 in Coventry and south Warwickshire.
And local leaders say yesterday's announcement is a huge relief for workers and suppliers in the region.
Coventry Lord Mayor Coun Jack Harrison said: "This is excellent news.
"Jaguar is so important to the people of Coventry and I really hope this funding signals the start of a bright future for the company and the thousands of people who work for it and the many other local
firms who supply it." Last year, the Coventry Telegraph launched a campaign to save Jaguar Land Rover and collected thousands of signatures for a petition which was handed over to Gordon Brown calling for immediate action.
The campaign received backing from councillors, business leaders and MPs.
Deputy leader of Coventry City Council, Coun Kevin Foster, added: "It is a huge relief for the thousands of people across Coventry and Warwickshire who have been living under a cloud of uncertainty for months.
"I think it is great that the company has finally received the support it needs and deserves."
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: "This is excellent news if it further secures the future of Jaguar Land Rover.
Louise Bennett "It is a major boost for Coventry and the wider West Midlands region. It helps to safeguard jobs in the short term and will hopefully provide JLR with the time it needs to produce its new models.
"The funding highlights the ongoing confidence in JLR as a quality brand and the faith in the recovery of the automotive sector."
JLR boss David Smith said: "It is a positive sign for our business that we have been able to attract sufficient funding for our short-term needs through normal commercial means.
"This has always been our desired route and it clearly demonstrates recognition of the inherent strength in our business and faith in our future business plans.
"We are also hopeful of soon being able to access the approved pounds 340 million European Investment Bank loan in support of our future product and environmental technology development, also through commercial means.
"We have been forced to take unprecedented actions through this tough economic crisis and the environment is still very challenging. It will continue to be so for some time to come and we will continue to take further actions to secure the future of the business."
The deal was immediately wel-comeby Business Secretary Lord Mandelson, who said it was a "good and encouraging outcome".
SECURE... Louise Bennett
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|Publication:||Coventry Evening Telegraph (England)|
|Date:||Aug 12, 2009|
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