GM in plan to sell off UK sites

American car giant General Motors said it could sell some of its British properties, then lease them back, in a bid to raise funds.

The European arm of the company, which makes Vauxhall cars, had brought in real estate specialists Jones Lang LaSalle to help identify potential buyers for the sites which include GM’s UK headquarters in Luton and an engineering works in Millbrook, Bedford.

Denis Chick, spokesman for GM’s United Kingdom and Ireland division, said: “Investigations are under way as to what would be viable.”

The company has already delayed the development of new vehicle designs in a bid to save money and earlier this month said it would sell its stake in Suzuki Motor Corporation for $230m (€181m).

GM bosses joined executives from rivals Chrysler and Ford this month to ask the US Congress for an emergency bail-out in the face of the credit crunch.