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) creditors 50 cents on the dollar. Undeterred, Stephenson found a new site on West 27th Street, where in 1843 he started to develop a business which eventually covered 16 city lots. Streetcars continued to gain popularity, allowing Stephenson to prosper for the remainder of his life. It was not long before he had fully reimbursed all his creditors and became known as "Honest John Stephenson". From 1852 he put all his efforts into building streetcars of various types as their popularity extended to cities throughout the world including, for example, Port Elizabeth, South Africa, Bombay and Caracas. For many years,