HL Deb 19 February 1997 vol 578 cc53-4WA
Lord Carter

asked Her Majesty's Government:

Whether the sale of ADAS has been agreed.

Lord Lucas

My right honourable friends the Secretary of State for Wales and the Minister of Agriculture, Fisheries and Food are pleased to announce that, following independent financial advice from PA Strategy Partners Ltd. we have selected the Management and Employee Buy Out (MEBO) team led by the current Chief Executive, Phillip Needham, as the preferred bidder for ADAS.

The deal which has been agreed meets all the objectives which my right honourable friend the Minister of Agriculture, Fisheries and Food announced on 4 November 1966 (Official Report, col. 313). The overall net present value to the taxpayer of the MEBO bid is some £23.5 million, made up of the consideration for the business, savings flowing from the pricing structure for future services for MAFF and the Welsh Office, and rents for the properties occupied by ADAS.

We expect to exchange contracts on the sale very shortly. Completion will be subject to the requirement to inform and consult appropriate representatives of ADAS employees under the Transfer of Undertakings (Protection of Employment) Regulations 1981 (as amended).