§ Mr. David Atkinson
asked the Secretary of State for Transport what progress has been made towards the sale of the National Freight Company.
§ Mr. David Howell
I am delighted to be able to announce that the sale of the National Freight Company Ltd. to the National Freight Consortium, public limited company, was completed late last Friday afternoon. The new company was formed by the managers, employees and pensioners of NFC specifically with the objective of 319W taking control of their company by purchasing the equity from the Government. They have succeeded in raising the agreed price of £53.5 million. The deficiencies in the NFC's pension schemes will be funded from the proceeds of sale, as provided for under section 49 of the Transport Act 1980. After allowing for this the net payment to the Government will be some £6 million.