John Towers (businessman) Nick Stephenson and John Edwards, Towers formed Phoenix Venture Holdings (PVH) which bought Rover Group for £10 in April 2000. In addition they also bought the Studley Castle, a conference hotel. They subsequently purchased Midland Powertrain, MG Rover's engine plant from BMW for £20. Finally, for £50 along with an undisclosed sum from the Royal Bank of Scotland, they purchased Rover Capital, (now MG Rover Capital) a book of Rover car loans. Kevin Howe was appointed MG Rover's Managing Director in July 2000. In April 2005, MG Rover went into administration, following the collapse of takeover talks with Shanghai Automotive
John Stephenson Company John Stephenson Company The John Stephenson Car Company was an American manufacturer of carriages, horsecars, cable cars, and streetcars, based in New York City. It was founded by John Stephenson in 1831. John Stephenson invented the first streetcar to run on rails, building this in 1832, for the New York and Harlem Railroad. A reorganization in 1867 included shortening of the company's name to the John Stephenson Company. In the latter part of the 19th century, the company was a major builder of streetcars, constructing some 25,000 cars in the period 1876–1891 alone, including ones for export. Its customers included