HC Deb 27 November 1975 vol 901 cc309-10W
Mr. Robert Taylor

asked the Secretary of State for Industry what further capital in excess of the £5 million of public money invested in Kearney and Trecker Marwin Ltd. was anticipated as being needed by the company at the time of the public investment.

Mr. Kaufman

At the time of the reconstruction of the share capital of Kearney and Trecker Marwin Ltd., approved by shareholders on 15th August 1974, it was not envisaged that any further assistance from public funds would be required.

Mr. Robert Taylor

asked the Secretary of State for Industry what is the relationship between the Marwin Holdings Group and Marwin Machine Tools Limited, in view of the transactions between these companies and Kearney and Trecker Marwin Limited, as shown in the annual accounts of the latter company in which there is a substantial equity investment of public funds.

Mr. Kaufman

Marwin Machine Tools Limited was, up to 20th July 1973, a subsidiary of Marwin Holdings Limited. On that date Marwin Machine Tools Limited was sold for a nominal consideration to Kearney and Trecker Ltd.; the business of Marwin Machine Tools Limited was transferred to Kearney and Trecker Ltd. which changed its name to Kearney and Trecker Marwin Ltd. Marwin Machine Tools Limited is now a non-trading subsidiary of Kearney and Trecker Marwin Ltd.

Mr. Robert Taylor

asked the Secretary of State for Industry what was the value for goodwill in the balance sheet of Kearney and Trecker Marwin Limited at the date of the cash injection into the company by Her Majesty's Government compared with the goodwill shown in the accounts for the year ended 29th December 1974.

Mr. Kaufman

The book value of goodwill in the balance sheet of Kearney and Trecker Marwin Limited at the date of the cash injection into the company by the Department, was £3,099,630. As recorded in Note 5 to the 1974 accounts for Kearney and Trecker Marwin Ltd., this sum has been included in the accumulated deficit at 29th December 1974.