MG Rover

MG Rover's 2005 collapse ended mass British car manufacturing. The company had been sold by BMW for £10 in 2000 to a consortium that extracted cash while failing to invest in new products. When MG Rover closed, 6,500 jobs were lost and decades of British automotive heritage ended. The Phoenix Consortium directors paid themselves £42 million while the company deteriorated. MG Rover demonstrated that management extraction accelerates decline in already-struggling businesses.