In 1962 a net loss of £2.1 million was recorded and Pressed Steel had already given thought to pulling out. In July 1963, George Miles resigned, saying "Manufacturing plans and policies have been wild and chaotic. The present situation ... is obviously hopelessly uneconomic." In 1965 the parent company Pressed Steel was acquired by the British Motor Corporation, who reviewed the involvement in light aircraft manufacturing and requested financial help from the British Government. The British government bought Beagle in December 1966 and provided the help needed. When the company needed more financial help in 1969, the Government put the company into receivership amidst much Parliamentary recrimination. The Receiver tried to revive and sell the company (now renamed Beagle Aircraft (1969) Limited), but failed and the company assets were disposed of by the liquidator.