§ Mr. Austin-WalkerTo ask the Secretary of State for Transport what valuation his Department placed on each of the four bus garages at Catford, Plumstead, Orpington and Bromley in the Selkent area before their sale to Stagecoach Ltd; what safeguards exists to prevent these facilities being sold by the new owner; and what additional return the public can expect if any future sale price exceeds the Government's valuation; and if he will make a statement.
§ Mr. NorrisLondon Transport arranged for independent advisers to value the properties before privatisation for the statutory accounts of Selkent. Individual property valuations are commercially confidential, and were made available in the privatisation information memorandum to interested parties who had signed a confidentiality agreement with London Transport.
The sale of Selkent included the freehold of Catford and Bromley garages and the lease of Plumstead and Orpington garages. Clawback arrangements were put in place for the two freehold properties and apply for a 10-year period from 1 April 1994. These enable the public sector to benefit from any gain arising from the sale of a freehold.
§ Mr. Austin-WalkerTo ask the Secretary of State for Transport (1) to which company each component part of London Country Buses was sold in 1986; and what changes in ownership have occurred since;
(2) what considerations underlie the decision to divide London Country Bus Services Ltd. into four parts; what review of that policy has taken place since 1986; and if he will make a statement.
§ Mr. NorrisLondon Country Bus Services Ltd. was split into four separate operating companies by the National Bus Company following the direction of the Secretary of State for Transport on 13 February 1986. The 353W main policy objective was to promote competition within a deregulated bus industry. The competition authorities have a duty to keep markets, including the bus market, under review and to consider any qualifying mergers under the Fair Trading Act 1973. Information about the original sale of the companies and details of present ownership is shown in the table.
Original purchaser Present fleetname and ownership London Country Bus (South East) Ltd Renamed Kentish Bus and Coach Ltd Proudmutual Ltd Kentish Bus—British Bus Ltd London Country Bus (South West) Ltd Drawline Ltd London & Country—British Bus Ltd Speyhawk Land & Estates Ltd (Properties only) London Country Bus (North East) Ltd Management Luton & District—British Bus Ltd The Bee Line—Q Drive Buses London Country (North East) Ltd London Country Travel Ltd County Bus and Coach—West Midlands Travel Ltd Sovereign Bus & Coach—Blazefield Holdings
§ Mr. Austin-WalkerTo ask the Secretary of State for Transport what safeguards exist to prevent the emergence of a private bus monopoly in London as a result of takeovers and mergers.
§ Mr. NorrisThe competition authorities have a duty to keep markets, including the bus industry, under review and to consider any qualifying mergers under the Fair Trading Act 1973. In addition, London Transport will offer all its bus routes for competitive tender on a regular basis.