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British Shipbuilders (Privatisation)

Volume 78: debated on Thursday 2 May 1985

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asked the Secretary of State for Trade and Industry if he will make a statement about progress in the privatisation of British Shipbuilders' warship-building yards.

My right hon. Friend the Secretary of State for Trade and Industry announced on 25 March that he had given his consent to the sale of Yarrow Shipbuilders. He has now also given his consent to the sale of Brooke Marine Ltd. to a management consortium. The sale proceeds are £100,000 plus 1 per cent. of moneys received from customers in respect of both certain specified potential export contracts gained within three years of sale and any other significant contracts obtained by the company within one year of sale. British Shipbuilders has agreed to make a partial contribution towards the cost of a limited number of future redundancies, should these arise within one year of sale. Brooke Marine made a loss of £1·24 million in 1983–84 and is expected to make a loss in the year ended 31 March 1985.