§ 26. Mr. Roger King
To ask the Secretary of State for Transport how many former constituent businesses of the National Bus Company have been bought by their management; and if he will make a statement.
§ Mr. David Mitchell
Some 40 of the National Bus Company's 70 privatised subsidiaries were bought by management or employee teams. This excellent figure reflects our policy of spreading wealth in the community instead of concentrating it in the hands of the state.
Mr. Robert Hughes
To ask the Secretary of State for Transport if he will list, in chronological order with sale dates, each of the National Bus Company subsidiaries sold to date, stating in each case the individual or company to whom the company was sold, and whether the sale was to a management buy-out, staff buy-out or outside bidder.
§ Mr. David Mitchell
The information requested is as follows :357W
Subsidiary Date of sale Purchaser 45 Bristol Omnibus Co. Ltd. 18 September 1987 Midland Red West Holdings Ltd. 46 Voyage National SA 23 September 1987 Gurna Ltd. 47 Southdown Motor Services Ltd. 2 October 1987 Management 48 Northumbria Motor Services Ltd. 21 October 1987 Management 49 Alder Valley South Ltd. 30 October 1987 Frontsource Ltd. 50 United Counties Omnibus Company Ltd. 18 November 1987 Stagecoach Holdings Ltd. 51 United Automobile Services Ltd. 2 December 1987 West Riding Automobile (through Caldaire Ltd.) 52 Ambassador Travel (Eastern Counties) Ltd. 4 December 1987 Eastern Counties Omnibus Company- Management 53 Midland Red (South) Ltd. 10 December 1987 Cheltenham and Gloucester Omnibus Co. (through Western Travel Ltd.) 54 Berks Bucks Bus Company Ltd. 15 December 1987 Len Wright Travel 55 Hastings and District Transport Ltd. 16 December 1987 Management 56 Crosville Wales Ltd. 21 December 1987 Management 57 London Country Bus (North West) Ltd. 5 January 1988 Management 58 Midland Red (North) Ltd. 27 January 1988 Drawlane Ltd. 59 Lincolnshire Road Car Company Ltd. 28 January 1988 Yorkshire Traction Company Ltd. 60 East Midland Motor Services Ltd. 5 February 1988 Management 61 London Country Bus (South West) Ltd. 19 February 1988 Drawlane Ltd.- Speyhawk Land and Estates Ltd. 62 Gatwick Engineering Company Ltd. 29 February 1988 Frontsource Ltd. 63 Ribble Motor Services Ltd. 2 March 1988 Management 64 Kentish Bus and Coach Company Ltd. 15 March 1988 Northumbria Motor Services (through Proudmutual Ltd.) 65 North Western Road Car Company Ltd. 16 March 1988 Drawlane Ltd. 66 National Express Ltd. 17 March 1988 Management 67 National Travelworld Ltd. 24 March 1988 Badgerline Holdings Ltd. 68 Crosville Motor Services Ltd. 25 March 1988 ATL Holdings Ltd. 69 North Devon Ltd. 29 March 1988 Management 70 Southern National Ltd. 29 March 1988 Management
In view of the number of people involved in these purchases it would not be practicable to list them individually. If the hon. Gentleman would like details of particular sales perhaps he would write to me.
It should be noted that a number of management and third party sales included provision for equity participation by employees generally.