HC Deb 27 March 1975 vol 889 cc218-9W
Mr. Baker

asked the Secretary of State for Industry on what terms, including the interest rate, he has advanced £350.000 to Bear Brand.

Mr. Heffer:

The detailed terms are being discussed with the company, and no advance has yet been made.

Mr. Baker

asked the Secretary of State for Industry in how many of the last 10 years Bear Brand has made a profit.

Mr. Heffer:

During the last 10 calendar years for which Bear Brand has published results (1964–1973) it has made a profit in 1964–1966 and 1972 only, but the rate of loss has diminished considerably in recent years.

Mr. Baker

asked the Secretary of State for Industry what were the factors that led him to advance £350,000 to Bear Brand some five weeks after he had refused to do so.

Mr. Heffer:

Following the initial rejection of Bear Brand's application the company put forward revised proposals. In deciding to make a loan the Government had particularly in mind the high level of unemployment in Liverpool.

Mr. Baker

asked the Secretary of State for Industry what estimate he has made of the cash requirements of Bear Brand over the next three years.

Mr. Heffer:

The information requested is commercially confidential.

Mr. Baker

asked the Secretary of State for Industry whether loans will be made by the Government to any of Bear Brand's competitors on the same terms as have been offered to Bear Brand.

Mr. Heffer:

The detailed terms of the loan to Bear Brand are being discussed with the company. Any application for assistance which satisfies the statutory criteria set out in Part II of the Industry Act would be considered, taking into account all the circumstances of the case.

Back to