§ Mr. CongdonTo ask the Secretary of State for the Environment if he will now give details of the severance sharing agreements with purchasers of the PSA Building Managment businesses.
§ Mr. CurryEach of the sales of the five PSA Building Management businesses include arrangements under which the Secretary of State will contribute towards the costs of redundancies up to an agreed value during the five years from completion of the sale.
The amounts concerned for BM South and West, BM South East, BM Scotland and Noreast Building Management are as follows:
£ million BM South and West 25.0 BM South East 30.0 BM Scotland 15.0 Noreast BM 29.5 The amount which the Secretary of State will contribute towards the cost of redundancies in the five years after sale in BM Manchester depends upon the result of the staff choice exercise which is currently under way, and will fall in the range of £26.0 to £37.2 million.
The amounts are subject to a pro rata adjustment to reflect changes in the aggregate redundancy entitlements of staff up to completion.