§ 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.