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182 Pentonville Road, LONDON N 1, England. with the 'oil crisis" and rise in petrol prices nearly fin shed the company for good. It began to use bank loans meant for long-term investment to pay its immediate bills.
began to run out. BLMC was pleading for new loans to finance its L600 million investment programme. The bankers, sensible capitalist gentlemen that they are, said no. BLMC shares dipped on the Stock Exchange to an all-time low of 7p.
CONCENTRATED But Leyland workers can take only small comfort iram Benn's promise to bale the company out of its inmediate difficulties. For a start, the BLMC investmen! progr amme is concentrated in the topprice range Rover and Jaguar Jines. The biggest number of workers in the company are concentrated on the middle range Marina and Allegro -exactly the lines management have tried to hit hardest with Measured mean culling jobs. act.
The gravy bucket from the banks PROMISES