§ Mr. TippingTo ask the President of the Board of Trade what finance is available to assist in funding consultancy studies for management and employee buyouts of British Coal collieries; how applications for such finance should be made; how many applications have been made; and how many, and of what value, have been successful.
§ Mr. EggarA fund of £1 million is available to assist management and employee buyout teams in meeting the costs of employing consultants and other professional advisers. Assistance will be at a maximum rate of 50 per cent. of the eligible costs, including VAT. Support for work in preparing bids for any one of the pits which British Coal is offering for licensing will not exceed £80,000. Should more than one team bid for a particular pit, the limit will be apportioned equally between the teams.
Applications for such assistance should be made to the coal privatisation unit, room 3.4.21, 1 Palace street, London SW1E 5HE.
Since the scheme was announced on 27 May my Department has received a number of inquiries, however, at this early stage no formal applications have been made.