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 Atlantic Stephenson John Atlantic Stephenson John Atlantic Stephenson (born 18 June 1829) was a Tyneside businessman and poet and amateur artist in the latter half of the 19th century. He was best known for his recitations. Stephenson was born on Waterloo Day, 18 June 1829 in mid-Atlantic. He started work at Sowerby’s Glass Works, manufacturesr of fine decorative glass items, at Gateshead and later moved on to a responsible post as representative for John Rogerson and Co. (who it is believed were brokers and shipping agents) He was a founder member of the Bewick Club and held the post of honorary treasurer