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 (coachbuilder) Transportation. John Stephenson emigrated to the United States from Ireland with his parents, James and Grace Stephenson, when he was two years old. After attending public schools in New York City, he completed his education at the Wesleyan University in Middletown, Connecticut. At the age of 19, he became an apprentice to Abram Brower, the pioneer of the Broadway stage lines. Stephenson died at his summer home in New Rochelle, New York in 1893. In May 1831, Stephenson started his own business, the John Stephenson Company, on 667 Broadway where he built omnibus cars for Brower until a fire destroyed