§ Mr. Litterickasked the Secretary of State for Industry what public money is to be made available for the assistance of A. Herbert Ltd.; what proportion of this money will be required to service the existing debts of A. Herbert Ltd; and how much will be available for investment in new production capacity.
§ Mr. KaufmanSubject to the approval of the House and the sanction of the court, my right hon. Friend intends to provide £26,179,765, of which £1,179,765 will be used to acquire the ordinary shares of Alfred Herbert Ltd. leaving, after expenses, about £24½ million as long-term 123W finance for the company. Less than half of this sum will be required to extinguish those liabilities of the company, which had to be covered by guarantee under the Industry Act 1972 given with the approval of the House. The remainder will be available for working capital, and expenditure on new plant and equipment.