“There is still hope in the administration process of finding a buyer that takes the business as a going concern. It could potentially be a world leader and could secure thousands of jobs in the UK.

“We have done everything humanly possible but obviously there are thousands of jobs at risk.”

Mr Jones attacked the Government for failing to do enough to help British industry.

“I do not think that the Government has done enough. I think that more needs to be done for British industry to make sure that these jobs are not lost for ever.”

He said that lack of access to working capital for industry remained a “key issue” despite the Government’s pledge to help companies fight the downturn.

“I would like to thank our employees, dealers, suppliers, business partners and Liam Byrne, MP, for their support in trying to secure a future for this business.”

The administration orders sees LDV and subsidiary company Birmingham Pressings Ltd enter the administration process.