§ Mr. IngramTo ask the Secretary of State for Scotland if he has granted financial assistance to the management team of Kelvin Central plc in its bid to purchase the company; and if he will make a statement.
§ Lord James Douglas-HamiltonFinancial assistance has been offered by the Scottish Transport Group to the 543W management-employee buyout team led by the managing director of Kelvin Central Buses Ltd. The assistance, which will not exceed £48,750, will cover 75 per cent. of professional advisers' fees up to £65,000. In the event of the bid being successful, no assistance will be paid.
§ Mr. IngramTo ask the Secretary of State for Scotland if he will provide to the employee-led consortium the equivalent financial assistance to that provided to the management-led consortium in its bid for Kelvin Central plc; and if he will make a statement.
§ Lord James Douglas-HamiltonFinancial assistance is being made available by the Scottish Transport Group to one management-employee buyout team per company. In the case of Kelvin Central Buses Ltd. this assistance has been offered to the management-employee team led by the managing director.