§ Mr. FatchettTo ask the Secretary of State for the Environment if he will set out, on the latest available figures, by company(a) the money received from the sale of the Property Services Agency and (b) the cost of redundancy and early retirement following the sale of the agency. [28394]
§ Sir Paul Beresford[holding answer 14 June 1995]: Six Property Services Agency businesses were sold. The information requested is as follows:
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(a) Money received from the sale1 £ million Building Management businesses (BM) (i) From purchases (including some phased payments) (ii) From recovery of trade debts3 PSA Projects 2-49.6 55.0 SE/S and W 10.4 69.4 Scotland 3.5 11.2
(a) Money received from the sale1 £ million Building Management businesses (BM) (i) From purchases (including some phased payments) (ii) From recovery of trade debts3 Manchester -11.5 17.9 North East 8.0 13.7 1 The Building Management businesses were sold on the basis of a net value of -2. Following post sale completion audits, the cash assets in the businesses were subject to adjustment to achieve this. Adjusting payments made by Government: PSA Projects: (not yet agreed) BM SE/S and W: £5.9 million BM Scotland: £0.7 million BM Manchester: £3.6 million BM North East: £2.8 million 2 This reflects an additional payment made on the first anniversary of the sale to compensate the purchaser for a shortfall in the transferred staff numbers. 3 The assets represented by the debts owed to the businesses were not sold to the purchasers of the businesses but were released by the Department separately.
(b) Redundancy costs incurred by Government to aate within the agreed limits of its liability under the severance sharing schemes agreed to sale £ million Building Management businesses (BM) (i) Costs in making seconded civil servants redundant at the end of their secondments (ii) Contributions made to the privatised companies' costs in making transferred employees redundant PSA Projects 34.7 2.9 South East 24.7 0.4 S and W 23.9 0 Scotland 13.2 0.3 Manchester 17.4 1.2 North East 25.1 0.8