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Linpac Industries Ltd

Volume 972: debated on Thursday 25 October 1979

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asked the Secretary of State for Wales what is the latest communication which he has received from the owners of Linpac Industries Ltd. in respect of the £1·9 million of public funds allocated to the company in the form of grants and loans and now repayable in view of the intention of the company to close its Rosedale Ltd. plant at Bedwas, Gwent.

Linpac Containers Limited has now submitted formal proposals concerning the repayment of the £1·65 million loan made to Linpac Mouldings Limited, and for the payment of interest charges which have accrued. These proposals, together with other options which are open to me in the present circumstances, are being carefully considered. If they are acceptable the question of the repayment of the grant of £300,000 made under section 7 of the Industry Act 1972 does not arise. I shall be writing to the hon. Member in more detail in response to his recent letter to me.