§ Mr. Stanleyasked the Secretary of State for Industry if he will name the directors of the Kirkby Manufacturing and Engineering Company Limited and their respective responsibilities.
§ Mr. HefferThe directors of Kirkby Manufacturing and Engineering Limited at present are Mr. J. Spriggs and Mr. R. Jenkins. They have no executive responsibilities. It is expected that other directors will be appointed in due course.
§ Mr. Stanleyasked the Secretary of State for Industry what is the present issued share capital of the Kirkby Manufacturing and Engineering Company Limited; and if he will list the shareholders and their respective shareholdings.
§ Mr. HefferThe authorised share capital of Kirkby Manufacturing Engineering Limited, as shown in the memorandum and articles of association deposited at 317W the Companies Registration Office, is 5,000 shares of £1 each. Two shares have so far been issued, one each to Mr. J. Spriggs and Mr. R. Jenkins, who are also directors. I understand that further shares will be issued when the constitution of the co-operative is finally settled.
§ Mr. Stanleyasked the Secretary of State for Industry how much of the grant of £3.9 million to the Kirkby Manufacturing and Engineering Company Limited was paid on 15th January; and on what dates and in what amounts is the balance expected to be paid.
§ Mr. HefferThe payment on 15th January was for an amount sufficient to cover the purchase of the assets, advance rental and an initial instalment of working capital. The timing of further payments is determined by proof of need. I do not propose to publish details of individual payments, since it is not the practice to disclose the instalments by which assistance offered under the Industry Act is paid.
§ Mr. Stanleyasked the Secretary of for Industry whether the Department of Industry will be deemed a prior creditor in the event of the Kirkby Manufacturing and Engineering Company Ltd. going into liquidation.
§ Mr. HefferAs was made clear in the statement laid before the House on 20th December, the grant becomes repayable if the co-operative fails. This debt would rank behind other creditors.
§ Mr. Stanleyasked the Secretary of State for Industry whether he will place in the Library a copy of the formal agreement completed with the Kirkby Manufacturing and Engineering Company Ltd.
§ Mr. HefferNo. It is not the practice to publish agreements with companies seeking selective assistance. Exceptionally, the main terms and conditions of the agreement with Kirkby Manufacturing and Engineering Limited were described in the statement which was laid before the House on 20th December 1974.
§ Mr. Stanleyasked the Secretary of State for Industry how many people were employed by the Kirkby Manufacturing and Engineering Company Limited on 15th January 1975.
318W
§ Mr. HefferAs in the case of any company receiving Industry Act assistance, this information has been given to my Department on a confidential basis.