HC Deb 23 March 1995 vol 257 c327W
Mrs. Lait

To ask the Secretary of State for the Environment what adjustments have been made to the value of the liabilities retained by Government following the sale of the former PSA Projects business. [16475]

Sir Paul Beresford

Two reductions have been made to these liabilities in line with the terms of the sale agreement for PSA Projects. First, the limit on the Government's liability to contribute to the costs of redundancies of staff formerly employed in PSA Projects has been reduced by £800,00 to £39.5 million, as calculated by using the formula in the sale agreement. This follows a correction to the previously reported transferring staff total to 704. Secondly, there has been a consequential reduction of £200,000 to £4.34 million in the consideration adjustment due to the purchaser on the first anniversary of the sale.

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