§ Mr. Michael Brown
asked the Secretary of State for Northern Ireland what is the basis of the takeover of Northern Ireland Carriers Ltd. by the National Freight Company; and when he expects the takeover to be completed.
§ Mr. David Mitchell
The takeover which has taken effect from 15 March 1982 comprises a package of four parts:
- (i) the National Freight Company purchased the Northern Ireland Transport Holding Company's £250,000 shareholding in Northern Ireland Carriers for £100,000;
- (ii) the holding company purchased from NIC its leasehold and freehold property interests for £1.525 million;
- (iii) from the proceeds NIC repaid loans of £750,000 each to NFC and the holding company;
- (iv) NIC will lease back those properties needed for its continuing operations in Northern Ireland with NFC guaranteeing rents for 10 years.
The sale transfers Northern Ireland's sole publicly owned road haulage company to the private sector where it properly belongs, offers the company enhanced trading opportunities and improves, significantly, its future prospects.