Honda president Hiroyuki Yoshino has scotched speculation that the Japanese carmaker is poised to purchase “up to 49%” of the rescued Rover group. Honda's partnership with Rover ended in 1994 after the BMW acquisition.

Mr Yoshino said in Japan that Honda “is not interested in helping Rover” and that management were “fully occupied with problems of our own company”, highlighted by 12-month losses of £81m in Europe.

Talks have taken place between Nick Stephenson, Rover's acting joint chief executive, and Minoru Harada, president of Honda Motor Europe, in which Honda agreed to continue its current contract to supply bases for the Rover 25 and 45.