Twins buy Peugeot factory site

Mar 21 2007

THE Peugeot site in Coventry was sold yesterday to the Barclay brothers, raising the prospect of hundreds of new jobs at the former car plant.

The 140-acre Ryton factory closed its doors for the final time in January, axeing more than 2,000 jobs.

French group Peugeot Citroen yesterday confirmed contracts had been exchanged with London-based Trenport Investments for the sale of the site.

Trenport is part of Ellerman Investments, a major property group with interests throughout the UK. Ellerman is also the main investment vehicle of reclusive twins Sir David and Sir Frederick Barclay, who also own The Ritz London hotel and Telegraph newspaper titles.

They are among the UK's richest people, with an estimated fortune in excess of £1.3 billion.

Trenport now aims to revive the Ryton site.

Neil Parsons, PSA Peugeot Citroen Group property manager, said: "We are satisfied that the prospective owners of the Ryton site plan to make commercial use of the property contributing to the local economy and the employment market."

Peugeot said proposals from Trenport include early usage of the premises for warehousing and distribution, providing "significant employment opportunities".

However, a spokesman for the group declined to put a value on the deal.

Trenport managing director Tony Parson said: "We intend to progress as rapidly as possible, with the planning authorities and agencies in the immediate Coventry and Rugby areas and within the Midlands, to develop plans for the comprehensive redevelopment of this regionally strategic site at Ryton.

"Our aim is to develop opportunities for several hundred jobs."