HC Deb 25 June 1976 vol 913 cc681-2W
Mr. Grylls

asked the Secretary of State for Industry how much public money has been committed altogether by the Government to Norton Villiers Triumph Ltd. (a) by means of equity participation and (b) by means of loans; and if he will publish the conditions under which these

Category 1 Category 2 Realisation Total
Offers 10 17 27
Gross estimated expenditure on equipment £m 1.78 £m 6.02 £m 7.8
On buildings £m 3.07 £m 3.07
Grants paid on projects previously approved £m 0.16 £m 0.67 £m 0.83
Payments to firms closing down 29 £m 0.60
£m 1.43

Grants under Category 1 are paid at the rate of 15 per cent. of expenditure on equipment; grants under Category 2 at the rate of 20 per cent. of expenditure on the re-equipment element, 20 per cent. of expenditure of building and adaptations and 30 per cent. of expenditure on new buildings. The amount paid out under realisation is compensation to firms either closing down completely or closing down production units.

Mr. Lomas

asked the Secretary of State for Industry if he is aware that many woollen textile mills are having to shut down in Huddersfield and other parts of West Yorkshire; what he intends to do about the situation; and if he will make a statement.

loans were made and the date for their repayment.

Mr. Alan Williams

In July 1973 the Government provided assistance totalling £4.872 million to Norton Villiers Triumph Ltd. in the form of a subscription at par for £3.5 million A redeemable preference shares and £1.372 million B convertible redeemable preference shares of £1 each in that company. In December 1975 a loan of £275,000 was made to NVT Engineering Ltd. a subsidiary of Norton Villiers Triumph Ltd., at commercial rates of interest, to be repaid in equal tranches on 31st December in each of the years 1978, 1979 and 1980. The charges on NVT Engineering Ltd. are heldpari passu with Barclays Bank.

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