HC Deb 17 January 1984 vol 71 cc201-2W
Mr. Sayeed

asked the Secretary of State for Trade and Industry what steps have been taken to advertise the sale of Yarrow Shipbuilders and Hall Russell; and whether he considers them adequate to attract the best outside bids.

Mr. Butcher

The two shipyards were advertised for sale on 10 or 11 December in theFinancial Times, Lloyd's List, The Times, The Daily Telegraph, The Scotsman, The Glasgow Herald and The Press and Journal. I consider that the advertising has been adequate to attract realistic bids from serious potential purchasers.

Mr. Sayeed

asked the Secretary of State for Trade and Industry what is the number of days allowed from the issue by Lazard Bros, of the selling memoranda for Yarrow Shipbuilders and Hall Russell to the time when (a) serious expressions of interest had to be lodged and (b) final bids have to be registered; and whether he considers such time scales to be reasonable and in the best interests of the taxpayer.

Mr. Butcher

My right hon. Friend announced on 25 July 1984 that he had asked British Shipbuilders to sell its warship building interests, including Yarrow Shipbuilders and Hall Russell. The sale documents were first issued on 10 December and potential purchasers were asked to submit initial bids within 42 days. This period has since been extended to 67 days at the request of certain potential bidders. I consider both the original time scale, and the extension, to have been reasonable at the time and in the best interest of the taxpayer. No date has been fixed for the registration of final bids.

Mr. Sayeed

asked the Secretary of State for Trade and Industry what information is contained within the selling memoranda for Yarrow Shipbuilders and Hall Russell issued by Lazard Bros, on behalf of Bristol Shipbuilders; and whether he considers the information contained within the memoranda is adequate to attract the best outside bids.

Mr. Butcher

The sale documents contain a description of the activities, resources and financial histories of the companies. I consider that the information contained within the documents is adequate to attract realistic bids from serious potential purchasers.