HC Deb 04 July 1973 vol 859 cc126-7W
Mr. Hooson

asked the Secretary of State for Trade and Industry what sums of Government finance in the categories which it is the practice to disclose are involved in Marwin Machine Tools Limited; whether he is aware that this company is in the process of being taken over; and what plans the company has disclosed to the Government to safeguard the interests of employees.

Mr. Anthony Grant

A £1–5 million investment in the form of loans to Marwin (Holdings) Ltd., the parent company of Marwin Machine Tools Ltd., originally advanced in 1970 by the Industrial Reorganisation Corporation is vested in the Secretary of State. I am aware that the company is in the process of being acquired by Kearney & Trecker Ltd. The companies have undertaken to hold the fullest consultations with employee representatives and unions on the consequences of this rationalisation and reconstruction.