The MG Car Company Limited[note 1] was a British sports car manufacturer founded in the 1920s by Cecil Kimber. Best known for its two-seat open sports cars, MG also produced saloons and coupés. Kimber was an employee of William Morris; MG are the initials for Morris Garages. The MG business was Morris's personal property until 1935 when he sold MG into his holding company,Morris Motors Limited, restructuring his holdings before issuing (preference) shares in Morris Motors to the public in 1936. On 22 July 2005, the Nanjing Automobile Group purchased the rights to the MG brand and the assets of the MG Rover Group for £53 million and created a new company, MG Motor.