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
Date of Sale
Government Merchant bank Adviser
(Joint appointment unless otherwise stated)
|Associated British Ports||1983||J. Henry Schroder Wagg||W. Greenwell & Co.||Price Waterhouse||—|
|Enterprise Oil||1984||Kleinwort Benson||Cazenove De Zoete and Bevan||Peat, Marwick, Mitchell||—|
|British Telecom||1984||Kleinwort Benson||Hoare Govett De Zoete and Bevan||Coopers and Lybrand||Dorlands|
|British Gas||1986||N. M. Rothschild||Cazenove Wood MacKenzie James Capel||Price Waterhouse||Young & Rubicam1|
|British Airways||1987||Hill Samuel||Cazenove Wood MacKenzie||Ernst and Whinney||Allen Brady & Marsh2|
|Royal Ordnance||1987||N. M. Rothschild||Hoare Govett||Coopers and Lybrand||—|
|Rolls Royce||1987||Samuel Montagu||James Capel||Coopers and Lybrand||Collett, Dickinson Pearce3|
|BAA||1987||County Nat West||Cazenove County Nat West||Touche Ross||J. Walter Thompson|
|Plant Breeding Institute/ National Seed Development Organisation||1987||Lazards||—||Touche 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.