The PSA Group, which owns Citroen and Peugeot have shown strong interest in taking over #Vauxhall.

Business Secretary Greg Clarke raced off to Paris on Thursday night to hold emergency talks with the French government and the main figureheads behind the PSA Group as he tries to save the jobs that could go if this protracted takeover goes through.

Vauxhall's owners are General Motors and they seem quite keen to strike a deal with PSA. They admitted in a statement on Thursday that they were "exploring opportunities with PSA Group."

An iconic brand

Vauxhall is one of the most iconic brands on the road and one of the UK's oldest institutions. Alexander Wilson formed the company back in 1857 and Vauxhall has been manufacturing cars for the past 114 years. General Motors took over the running of the company in 1925.

Sport has played a part in Vauxhall's name increasing. They sponsored the Football Conference, which is the highest division in non-league football from 1986 to 1998. Since 2011, Vauxhall has also been the prime sponsor for all the Home Nations teams including England.

They have had huge success too in the British Touring Car Championship. The BTCC manufacturers' championship was won seven times in eight years by Vauxhall during the 2000s, with multiple drivers' titles along the way for the likes of Jason Plato, Yvan Muller and Fabrizio Giovanardi.

Profits loss

It might have had success on-the-track but not so when it comes to financial results. General Motors has failed to make any profit on the Vauxhall and Opel car businesses since the end of the 20th century. It has now seemingly decided that after 18 years of profit losses, it is time to offload the Vauxhall/Opel division to another company.

Currently, Vauxhall hires around 4,500 people in its two major manufacturing facilities in Luton where commercial vehicles are made and Ellesmere Port in Cheshire which is where common passenger cars are created. Ellesmere Port has also been referred to as "The Home of the Astra."

A full takeover by PSA would see General Motors exit the UK and Europe car market for good. It would see PSA Group take a 16% share in the European market, becoming the continent's second-largest carmaker.

GM has hinted it is ready to jump ship previously. In October last year, they warned that following the Brexit vote, production was likely to be cut in its European base. A general loss of confidence in the marketplace and the fall in the pound's value saw GM take a nasty $400m hit last year. Earlier in 2016, they had hinted it was on course to meet financial targets for the first time since 1999. That was until Britain decided to leave the European Union last summer.

Will there be other casualties?

Many of the workers at Vauxhall will be unhappy at the growing uncertainty around the news. Many will have mortgages to pay, families to feed and this insecurity is not what is needed in an economy which might have stayed surprisingly stable in the months after Brexit, but is likely to offer many violent swings in the coming weeks.

The car manufacturing industry is a crucial part in Britain's jobs economy and before last year's referendum, a lot of leading executives claimed they had no plans to leave the UK, whatever the outcome of the vote. Both Ford and Nissan were among those to announce investment into production in the UK.

However, will Britain's decision to leave the Single Market change perceptions? Prime Minister Theresa May's decision to leave the SM came as a surprise to many who were expecting a 'Soft Brexit' to take place. Now, could her decision for a 'Hard Brexit' come to backfire on the jobs of many within the country?

There is a growing sense that Vauxhall won't be the first company who might depart the UK. Ministers in government are under pressure to protect those who could be targeted from takeovers in more secure markets, with Asia a prime example.

The hope is jobs stay in the UK but uncertain times lie ahead for the workers at Vauxhall.