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Privatisation

Volume 130: debated on Thursday 31 March 1988

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To ask the Chancellor of the Exchequer if he will list, for each privatisation measure since 1983, the Government's merchant bank advisers, brokers and reporting accountants, and details of any advertising agency involved; and if he will state whether any form of competitive tendering was undertaken in each case for each service.

The Government's merchant bank advisers and brokers in each of the privatisation sales since 1983 are as follows. Reporting accountants and advertising agencies employed in the sales were usually joint appointments with the company, and are also listed. In addition, a number of sales of subsidiaries were carried out by nationalised industries. Details of the advisers for these sales are not held centrally.In each of the privatisation sales, except for British Airways, the appointment of merchant bank advisers, brokers and advertising agencies was subject to competition. In the case of British Airways, Hill Samuel (the merchant bank advisers) had advised when privatisation was first considered in 1980 and were retained for the sale because of their knowledge of the company—a competitive rate having been negotiated.

The appointment of reporting accountants was subject to competition in the case of Enterprise Oil, British Telecom and the Plant Breeding Institute/National Seed Development Organisation. In the other privatisation sales the companies' auditors were appointed without

Company

Date of Sale

Government Merchant bank Adviser

Government Brokers

Reporting Accountant

Advertising Agency

(Joint appointment unless otherwise stated)

Associated British Ports1983J. Henry Schroder WaggW. Greenwell & Co.Price Waterhouse
Enterprise Oil1984Kleinwort BensonCazenove De Zoete and BevanPeat, Marwick, Mitchell
British Telecom1984Kleinwort BensonHoare Govett De Zoete and BevanCoopers and LybrandDorlands
British Gas1986N. M. RothschildCazenove Wood MacKenzie James CapelPrice WaterhouseYoung & Rubicam1
British Airways1987Hill SamuelCazenove Wood MacKenzieErnst and WhinneyAllen Brady & Marsh2
Royal Ordnance1987N. M. RothschildHoare GovettCoopers and Lybrand
Rolls Royce1987Samuel MontaguJames CapelCoopers and LybrandCollett, Dickinson Pearce3
BAA1987County Nat WestCazenove County Nat WestTouche RossJ. Walter Thompson
Plant Breeding Institute/ National Seed Development Organisation1987LazardsTouche Ross

1 Dewe Rogerson were also employed for the advertising of the collection of the second instalment.2

2 Government only. The company employed its own agency.

3 Binns Vereka were also employed for the advertising of the collection of the second instalment.