§ Mr. Foulkesasked the Secretary of State for Scotland what financial assistance has been given, or promised, to the Gomba group of companies by the Scottish Office and the Scottish Development Agency in relation to its purchase of Stonefield Vehicles.
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§ Mr. Alexander FletcherA conditional offer of selective financial assistance has been made to the Gomba Company and, provided the conditions are met, the sum offered will be paid. Information about offers of selective financial assistance to firms under section 7 of the Industry Act 1972 is treated as confidential although arrangements exist whereby limited details of offers are published inBritish Business at the end of the quarter in which the first payment of any grant is made.
The Scottish Development Agency will give a two-year rent-free period of the premises occupied.
§ Mr. Foulkesasked the Secretary of State for Scotland what stake the Scottish Development Agency will have in Gomba Stonefield; and if this will include representation on the board.
§ Mr. Alexander FletcherThe precise capital structure of Gomba Stonefield has not yet been finally determined, but the agency will have a minority stake in the equity; it has still to be determined whether the agency will be represented on the board, should it so desire.
§ Mr. Foulkesasked the Secretary of State for Scotland what sum was agreed to be paid for the purchase of Stonefield Vehicles; and what sum is available for the previous company's creditors other than the Scottish Development Agency.
§ Mr. Alexander FletcherThe negotiations between the Gomba group and the receiver regarding acquisition by Gomba of certain of the assets of Stonefield Vehicles Ltd. were confidential and it would not be appropriate for my right hon. Friend to reveal any details; the position of the previous company's creditors is a matter for the Scottish Development Agency as owners of the previous company to determine when the receivership is completed.