HC Deb 08 July 1971 vol 820 c442W
Mr. Hordern

asked the Secretary of State for Trade and Industry who will provide the financial advice which he undertook to take when the former Industrial Reorganisation Corporation investments were vested in him; and what will be the nature of that advice.

Mr. John Davies

After careful consideration, I have appointed N. M. Rothschild and Sons Ltd. as my general financial adviser in relation to the I.R.C. investments. Its duties will be(a) to seek parties interested in purchasing the equity investments or accepting transfer of the loans; (b) to advise on and negotiate the terms of any particular disposal; (c) to provide general financial advice in relation to the assets vested in me; (d) to assess any proposals that may be put by a borrower, or by a company in which I hold a substantial shareholding or by a potential purchaser and; (e) to give advice in connection with the making of any further loans or investments in execution of arrangements made by the I.R.C. This appointment covers the period from 1st June up to 31st December, 1971. N. M. Rothschild and Sons Ltd. was engaged by the I.R.C. to advise it on a number of its investments.