HC Deb 16 June 1971 vol 819 c439
29. Mr. J. H. Osborn

asked the Secretary of State for the Environment if he will introduce legislation for the winding up of the Transport Holding Company and for the disposal of its subsidiaries.

Mr. Peter Walker

I hope to do so early next Session.

Mr. Osborn

Is my right hon. Friend aware that this decision is welcomed in view of the fact that the financial results this year have been very disappointing indeed? Will he confirm that they have been a disappointment to him?

Mr. Walker

It is always a disappointment to see a fall in profits take place with a concern such as this, but I am sure that the decision is right.

Mr. Mulley

While deploring the decision to dispose of public assets such as Thomas Cook, may I ask the right hon. Gentleman to ensure, if he intends to persist with this policy, which I hope he does not, that a proper price is obtained? Will the public tender procedure apply? If the right hon. Gentleman approves of this procedure, will he explain why he did not adopt it in the case of Lunn-Poly recently, and how did it happen that these assets were disposed of ahead of the legislation which I understand is necessary?

Mr. Walker

I must say that the prospectus for a public tender on Lunn-Poly would have been rather a sad document. It was announced that this was to be disposed of on 27th January. I am sure that the chairman carefully examined every potentially serious offer. Regarding Thomas Cook, we will certainly ensure that we get the maximum possible price for it.