The Transport and General Workers' Union reacted angrily last night to reports that the "Phoenix Four" directors of MG Rover have pledged just £5,000 each towards a trust fund set up for the 6,000 workers who lost their jobs when the carmaker went into administration.

Initially, the four men, who bought MG Rover from BMW for £10, said they would contribute assets of up to £50m to the fund - though the value was subsequently scaled back to between £10m and £30m.

The directors said later that, on legal advice, assets could not be handed over to the trust until Department of Trade and Industry inspectors had reported on the collapse of the carmaker. Why that should be the case was never explained.

Yesterday, the Times reported that the Phoenix Four, led by the chairman, John Towers, had offered £5,000 each, drawing an angry response from the T&G.

"Rover workers have been badly let down here in another twist in a tale of greed," said Gerard Coyne, regional secretary of the T & G. "They were led to believe this fund would have substantial monies paid into it by the Phoenix Four. Instead, they have what amounts to a scrap over the petty cash. It is neither fair nor right to hold monies back that were pledged on account of the DTI inquiry."

Yesterday, Britain's largest car dealership, Pendragon, revealed it had taken a £2.9m exceptional charge related to the MG Rover collapse. Pendragon has closed three of its 16 MG Rover dealerships and will convert three others to different franchises. Despite the charge, Pendragon's profits rose by almost a fifth to £36.8m in the six months to the end of June.