§ Mr. Richard Wainwrightasked the Secretary of State for Industry how many proposals for the buying of a company by its managers were submitted to him during 1981 with a view to grants or other assistance; and what was the pattern of his response.
§ Mr. MacGregorThere have been 21 applications for assistance under section 7 of the Industry Act which have involved management buy-outs. In nine cases the projects 77W satisfied the normal criteria and offers of assistance were made; one case is still being considered and the rest have either been withdrawn or have not progressed beyond the point of initial contact. More widely, and beyond the assisted areas, the Government have taken steps in the past year to assist and encourage management buy-outs.