Jon Moulton withdrew the Alchemy bid when the Government added extra conditions to the sale, and a march through Birmingham led by Prof Carl Chinn opposed the Alchemy bid
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- administered by PriceWaterhouseCoopers, assets sold to Nanjing Automobile
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Since September 1999 the venture capital company Alchemy Partners, run by Jon Moulton and Eric Walters, had been in talks with BMW about acquiring Rover.
In the summer of 2000, after BMW had sold the MG Rover Group to the Phoenix Consortium, Bruce Qvale contacted one of the Consortium directors, Nick Stephenson, and proposed forming a European distribution deal for the Qvale Mangusta.
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In August 2005, he purchased Studley Castle in Warwickshire, a hotel and conference centre formerly owned by Phoenix Venture Holdings, the consortium who owned carmaker MG Rover from 2000 until 2005.