HC Deb 29 October 1985 vol 84 c460W
Mr. Hickmet

asked the Secretary of State for Trade and Industry if he will make a statement on the latest progress in privatising the interests of British Shipbuilders.

Mr. Peter Morrison

Yesterday, my right hon. and learned Friend the Secretary of State gave his consent to British Shipbuilders for the sale of Vosper Thornycroft (UK) Ltd to a management buy-out team led by the present Managing Director, Mr. Peter Usher.

British Shipbuilders will receive a basic consideration of some £18.5 million. In addition, BS will receive a further payment if certain contracts are won shortly but it has accepted a small contingent liability should redundancies arise.

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