Westlink London Bus Subsidiary (Hansard, 25 April 1994)

§ Mr. Mackinlay
To ask the Secretary of State for Transport what was the valuation formula for the sale of Westlink London Bus subsidiary.

§ Mr. Norris
A confidential benchmark valuation was carried out by London Transport before the sale. Potential purchasers made their own assessments of the value of the company in formulating their bids. In the light of the benchmark valuation, the Government were and remain content with the proceeds from the sale.

§ Mr. Mackinlay
To ask the Secretary of State for Transport whether the sale conditions of the Westlink London Bus subsidiary included clawback clauses in the event of its resale within 12 months of its privatisation.
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§ Mr. Norris
No. The sale took place on the open market and was widely advertised. This ensured that good value for money was obtained from the privatisation.