§ Mr. Banks
asked the Secretary of State for Industry (1) if he has yet sanctioned the sale of Fairey Holdings Limited by the National Enterprise Board to S. Pearson and Sons Ltd.; and if he will make a statement;
(2) what factors he will take into account in deciding whether to sanction the sale of Fairey Holdings Limited; and if he will make a statement.
§ Mr. Michael Marshall
My right hon. Friend gave his consent on 15 May to the board selling its shareholding in Fairey Holdings Ltd. to S. Pearson & Son Ltd. for £24 million. I understand that the board was satisfied that, in accordance with its draft guidelines, this course would secure the highest available consideration, subject to the interests of the298W taxpayer and of the company, and to the United Kingdom defence interests which my right hon. Friend drew to its attention