THE Phoenix Four have resigned as directors of ill-fated MG Rover’s parent group – with no resolution to the Trust Fund saga in sight.
John Towers, Peter Beale, Nick Stephenson and John Edwards have stood down as directors of Phoenix Venture Holdings.
Last May, the Phoenix Four revealed a claim by HBOS for work undertaken with MG Rover had swallowed up the entire £12 million-plus cash bounty raised through the realisation of PVH assets.
Former MG Rover workers have been fighting for six years for Trust Fund payouts.
A PVH statement said: “In the months up to March this year the four have resigned as directors of PVH and its associated companies as part of the winding-down process.
“A new board of directors, under former non-executive director Nigel Petrie, will now deal with the principal outstanding claim being brought by HBOS against PVH assets, and transfer what remains to the Longbridge Trust.
“The former directors are on record as challenging the reasonableness of HBOS to bring its claim on those assets and have funded all claims-handling through personal donations from all four.”
It was understood the personal donations involved a sum of £2 million.
The four were thought to hope their resignations would simplify the HBOS process, which is key to any Trust Fund payouts.