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The Guardian - UK

Oliver Morgan

BMW: 'Where's our tenner?'

In all the excitement of acquiring Rover, the Phoenix consortium forgot to hand over the tenner it had agreed to pay for the carmaker when it settled terms with BMW on Tuesday, writes Oliver Morgan

It had to be reminded by email on Friday afternoon to pay up. Nick Stephenson at Phoenix received an email from Munich saying it could not trace the payment. He arranged for a cheque to be sent immediately, but by the time it was dispatched the pound had slumped, and Phoenix lost 36p on the purchase price of £10. A reminder of the problems currency fluctuation can bring.

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