HC Deb 05 July 1974 vol 876 cc304-5W
Mr. Willey

asked the Secretary of State for Industry whether he will give the separate valuations upon which the consideration for the purchase of the share control of Court Shipbuilders was levied.

Mr. Benn

The price for the issued share capital of Court Shipbuilders was arrived at in negotiation with Court Line taking into account the relevant factors including the underlying net assets and the past results and future propects of the Court Shipbuilders Ltd. companies.

Mr. Bruce-Gardyne

asked the Secretary of State for Industry if he will specify the terms and conditions of interest and capital repayment attaching to the £4 million belonging to Court Shipbuilders which he has agreed to leave with Court Line Ltd. meantime; and what estimate he has made of the cost to public funds of any difference between such terms and conditions and those which would be chargeable to Court Line Ltd. in the open market.

Mr. Benn

The terms and conditions of the £4 million loan to Court Line from Court Shipbuilders will be identical to the terms and conditions of the commercial loan to Court Line from the National Westminster Bank.

Mr. Bruce-Gardyne

asked the Secretary of State for Industry if he will list in the OFFICIAL REPORT the location of each of the operations of Court Line Ltd., and the numbers employed at each; and the Section and subsection of the Industry Act under which he has agreed to safeguard the holiday operations of this company.

Mr. Benn

I have nothing to add to my statement of 1st July on the arrangements for the acquisition of the share capital of Court Shipbuilders Ltd. using the powers in Section 7 of the Industry Act 1972. The main operations of Court Line are listed in the company's annual report, a copy of which I have placed in the Library.

Mr. Bruce-Gardyne

asked the Secretary of State for Industry what arrangements he has made to have his decision in principle to acquire the assets of Court Shipbuilders Ltd. and to safeguard the holiday operations of Court Line Ltd. scrutinised by the Industrial Development Advisory Board, as required by Section 9 of the Industry Act; and if he will publish the board's findings.

Mr. Benn

Although under Section 9 I am not obliged to seek the board's advice, I would have done so had there been enough time for the normal consultation, but the exceptional circumstances of the particular case precluded

Company Location Employment
Doxford Engines Ltd. Sunderland 850
Wolsingham Steel Co. Ltd. Bishop Auckland 425
K. L. Marine Equipment Ltd. Newcastle upon Tyne 125
Sunderland Forge Engineering Co. Ltd. Sunderland 650
Sunderland Shipbuilders Ltd. Sunderland 4,100
Appledore Shipbuilders Ltd. Appledore, Devon 800
North East Coast Shiprepairers Ltd. Hull, Sunderland, South Shields and Jarrow 2,700

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