HC Deb 08 November 1974 vol 880 c264W
Mr. Newton

asked the Secretary of State for Industry how many offers of financial assistance have been made to firms under Section 8 of the Industry Act since 1st March 1974; and what were the sums involved for each individual firm.

Mr. Heffer

Offers of assistance under Section 8 of the Industry Act between 1st March 1974 and 31st October 1974 have been made involving the following SumsKearney Trecker Marwin—£3.5 million, mainly in preference shares, for working capital. Meriden Co-operative—£4.95 million for purchase of assets, and for working capital. Alfred Herbert—Interim guarantee. Marine Oil Industry Repair & Mtce—£360,000 in grants over five years. Salvesen Offshore Holdings—£784,000 in grants over four years.

In addition there are two industrial schemes operating under Section 8 where applications are made under certain announced criteria of eligibility. On these offers have been as follows: Wool Textile Industry Scheme—£4.4 million as grants and a further 19 offers whose value has still to be determined. Offshore Credit Scheme—Contracts registered to date involve maximum qualifying borrowing of £71 million on 75 contracts. Grants related to these contracts could total about £8 million. No claims for payment have yet been made.

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