British Technology Group

HC Deb 08 May 1992 vol 207 c10W

Mr. Butterfill

To ask the President of the Board of Trade if he will place in the Library details about the sale of the British Technology Group.

Mr. Sainsbury

The sale of the British Technology Group to a consortium led by CIN Venture Managers and BTG's management and employees was completed on 31 March 1992.

The sale proceeds totalled £27.75 million, with the possibility of further payments to Her Majesty's Government arising from the level of cash and net current assets at the time of completion, and from payments under a mechanism for the clawback of 60 per cent. of revenues in excess of those forecast on BTG's business plan over the next five years.

A document has been placed in the Library containing copies of: the sale and purchase agreement; of the articles of association of British Technology Group Ltd. and of its holding company, British Technology Group International plc, in each of which the Secretary of State holds a special share; and a schedule listing the institutional investors in BTG.