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
The Equitable Life Assurance Society to the government's reply. In August 2009 Sir John Chadwick issued an interim report. Sir John is designing a scheme to help the "hardest hit" by measuring the losses suffered in agreed cases of maladministration with those of a comparable company. In the Queen's Speech following the formation of a Conservative-LibDem coalition government in 2010, the Equitable Life (Payments) Bill was announced. The bill will secure compensation for nearly a million policyholders (UK-wide) hit by the near-collapse of the insurer Equitable Life. The Government also announced that the final report from Sir John Chadwick in relation to Equitable Life would