HC Deb 13 December 1983 vol 50 cc383-4W
Sir Peter Emery

asked the Secretary of State for Trade and Industry how much public money has been put into Norton Villiers Triumph either by grant or share purchase; what is the present state of the negotiations to sell the Government's shareholding; how long these negotiations have been taking place; and if he will make a statement on Government policy towards its continuing involvement with the company.

Mr. Butcher

In 1973, financial assistance of £4.872 million was made available through the purchase by the Department of £3.5 million of A preference shares and £1.372 million of B preference shares in Norton Villiers Triumph Ltd. In 1977 the Department agreed to the redemption of £2.5 million A preference shares for a consideration of £500,000, reducing the Department's holding to £1 million of A and £1.372 million of B preference shares.

It is the Department's intention to dispose of this remaining shareholding, and negotiations, which began in 1981, are currently taking place for this purpose.