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John Towers, Peter Beale, Nick Stephenson and John Edwards the Phoenix Consortium bought Rover Group for just £10 in April 2000, together with the Studley Castle, a conference hotel.
They then purchased for £20 Midland Powertrain, MG Rover's engine plant from BMW. Finally, for £50 along with a undisclosed sum from the Bank of Scotland, they purchased Rover Capital, (now MG Rover Capital) a book of Rover car loans.
Kevin Howe was appointed MG Rover's MD in July 2000.
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