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Professional And Executive Register

Volume 163: debated on Monday 4 December 1989

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To ask the Secretary of State for Employment if he will give the names of the companies which bid for the purchase of the professional and executive register before it was privatised; and if he will give the dates on which the applications to acquire this service were first received, the criteria upon which the decision was made and the date upon which the choice of purchaser was reached.

On the recommendation of our financial advisers, Lloyds Merchant bank, Professional and Executive Recruitment was sold by private tender. This form of sale meant that companies were invited to bid on the understanding that their interest would remain confidential. I am accordingly unable to give the names of the companies which bid for PER.My right hon. Friend the Secretary of State announced the sale of PER for £6,000,000 to Pergamon Professional and Financial Services PLC on 8 September 1988 after considering the bids and presentations of interested parties on 5 September 1988. Legal completion took place on 6 September 1988.