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Meriden Workers' Co-Operative And Norton Villiers Triumph

Volume 886: debated on Wednesday 12 February 1975

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asked the Secretary of State for Industry when he expects to announce his final decision on providing financial assistance to the Meriden Co-operative and Norton Villiers Triumph Limited under the Industry Act 1972.

The Government have already offered assistance to the co-operative subject to the conclusion of certain agreements between the co-operative and Norton Villiers Triumph Limited.

asked the Secretary of State for Industry why it is necessary to provide a guarantee under the Industry Act 1972 rather than through the ECGD for the £8 million export credit finance required by Norton Villiers Triumph Limited.

I shall explain the reasons for this proposal when the motion on the Order Paper seeking approval for the provision of further assistance to Norton Villiers Triumph Limited is debated.

asked the Secretary of State for Industry what is his decision on the NRDC application to assist Norton Villiers Triumph Limited under Section 4(1)(b) of the Development of Inventions Act 1967.

An application made by NRDC in January 1974 to extend assistance for motor cycle development agreed in 1970 was withdrawn by mutual agreement between NVT and NRDC before I had decided whether to give approval. I understand that the corporation is considering making a revised application.

asked the Secretary of State for Industry whether he has received an application for an increase in financial assistance above £12·872 million from Norton Villiers Triumph Limited; and, if so, for how much.

It is not the practice to disclose whether applications for financial assistance have been received from any company.

asked the Secretary of State for Industry (1) whether £4·95 million still represents the limit of the financial assistance that he is prepared to make available to the Meriden Co-operative;(2) what is his estimate of the amount that will be required over and above the financial assistance of £4·95 million already offered to the Meriden Co-operative.

The position remains as stated in my answer on 29th July 1974 to my hon. Friends the Members for Nuneaton (Mr. Huckfield) and Stockport, North (Mr. Bennett).—[Vol. 878, c. 13–14.]

asked the Secretary of State for Industry whether he has agreed that the price of not more than £4·2 million to be paid by the workers' co-operative for the Triumph motor cycle plant at Meriden represents a fair valuation; and, if not, whether he has reserved the right to agree the price before any finance is given to the co-operative under the Industry Act 1972.

The price to be paid by the co-operative for the Meriden plant and assets is a matter for negotiation between the co-operative and Norton Villiers Triumph Ltd.

asked the Secretary of State for Industry whether the workers' co-operative at Meriden has registered as a company; and, if so, under what name.

The co-operative will operate through a registered company called Synova Motors Ltd.