§ Mr. Favellasked the Secretary of State for Transport what progress has been made in implementing the National Bus Company's disposal programme.
§ Mr. David MitchellMy right hon. Friend has given approval for the sale of the National Bus Company's subsidiary National Holidays Ltd. to a subsidiary of the Pleasurama Group, Smiths Happiways Ltd.
This first successful sale marks the start of privatisation for the National Bus Company.
Smiths Happiways will continue to employ all the present management and employees of National Holidays, who will be given normal access to the firm's share option and purchase schemes.
The Smiths Happiways bid, which was recommended by the National Bus Company, was one of four offers received, including one from the management of National Holidays, which was substantially lower than the successful offer.
The National Bus Company is currently negotiating on the sale of several other subsidiaries, all of which include bids from management teams.