National Holidays Ltd.

HC Deb 25 July 1986 vol 102 cc522-3W

Mr. Harrison

asked the Secretary of State for Transport, pursuant to the answer of 15 July, Official Report, columns 458–9, what assurances he received when giving approval to the sale of the National Bus Company's subsidiary National Holidays Ltd. to a subsidiary of the Pleasurama Group, Smith Happiways Ltd. regarding the period of time during which all the present management and employees would be employed.

Mr. Moore

The Pleasurama Group has indicated to the National Bus Company that it is not its intention within the foreseeable future to make any significant alteration to the number of employees within National Holidays.

Mr. Harrison

asked the Secretary of State for Transport, pursuant to the reply of 15 July, Official Report, columns 458–9, by what percentage the management and staff bid for the sale of the National Holidays subsidiary of the National Bus Company was below the accepted bid.

Mr. Moore

This is a matter of commercial confidence between the parties concerned.

Mr. Harrison

asked the Secretary of State for Transport what were the capital assets of National Holidays Ltd., a subsidiary of the National Bus Company, on 15 July; what they were in July 1984 and 1985; and which firms bid for National Holidays Ltd.

Mr. Moore

National Holidays' audited accounts show net assets of £297,000 at 31 December 1985 and £168,000 at 31 December 1984. Audited mid-year figures are not available.

In addition to Smiths Happiways and the management team, two other parties submitted bids. Tenderers are given assurances by NBC's advisers that their identities will not be disclosed.

Mr. Harrison

asked the Secretary of State for Transport on what date the first tender was called for regarding the sale of National Holidays Ltd.; what procedure of tender was undertaken; on what date the successful tenderer bid; and at what price the successful tender was accepted.

Mr. Moore

I understand that initial bids were invited by 18 April 1986 from parties who had expressed a firm interest in National Holidays Ltd, and that following negotiations the successful bid from Pleasurama plc was made on 25 June. The sale price was £2.3 million.