MG, the initials of Morris Garages, is a British automotive marque registered by the now defunct MG Car Company Limited, a British sports car manufacturer begun in the 1920s as a sales promotion sideline within W. R. Morris's Oxford city retail sales and service business by the business's manager, Cecil Kimber. Best known for its two-seat open sports cars, MG also produced saloons and coupés. Kimber was an employee of William Morris. The MG business was Morris's personal property until 1 July 1935 when he sold MG to his holding company, Morris Motors Limited, restructuring his holdings before issuing (preference) shares in Morris Motors to the public in 1936. MG underwent many changes in ownership starting with Morris merging with Austin in The British Motor Corporation Limited in 1952. MG became the MG Division of BMC in 1967 and so a component of the 1968 merger that created British Leyland Motor Corporation. By the start of 2000 MG was part of the MG Rover Group, which entered receivership in 2005. The assets and MG brand were purchased by Nanjing Automobile Group (which merged into SAIC in 2008) for GB£53 million. Production restarted in 2007 in China. The first all-new model from MG in the UK for 16 years, the MG 6, officially launched on 26 June 2011.