HC Deb 17 January 1986 vol 89 c724W
Mr. Trotter

asked the Secretary of State for Trade and Industry if he will make a statement on the latest progress in privatising the warship building interests of British Shipbuilders.

Mr. Peter Morrison

My right hon. and learned Friend the Secretary of State gave his consent today to British Shipbuilders for the sale of Swan Hunter Shipbuilders Ltd. to a management buy-out consortium. British Shipbuilders will receive £5 million partly offset by provision for unavoidable future losses and capital expenditure planned before completion of the sale. In addition British Shipbuilders has accepted a limited contingency liability should redundancies arise.