§ Mr. Neil Hamiltonasked the Secretary of State for Transport when he expects to reach a decision on the National Bus Company's disposal programme.
§ Mr. RidleyI have approved, without modification, the disposal programme submitted to me by the National Bus Company on 15 May in accordance with section 47 of the Transport Act 1985. Copies of the programme have been placed in the Libraries of both Houses.
The programme provides for the disposal of NBC's 65 or so subsidiaries as individual units, as quickly as possible. NBC will continue to advertise and stimulate interest among potential purchasers to create a wider market for its subsidiaries. However, where broadly 204W comparable bids are received from management or employee groups and from third parties, NBC will give preference to the management or employee group, but they will not expect this preference to exceed 5 per cent.
Negotiations are now well under way for the sale of a number of subsidiaries. It is clear that NBC and the many management and employee groups who have expressed an interest in mounting buy-outs are as determined as I am to achieve speedy privatisation. I wish them every success.