§ Mr. Hain
I am advised that the transfer of the assets and liabilities of the Alkemy and Business Advance companies is shortly to be completed, and the staff who transfer will then be integrated into the TEC. Following this transfer CELTEC will be undertaking a detailed review of all its resources against its prospective business requirements for the 1998–99 financial year. The outcome of this review will be presented to the CELTEC Board in the New Year, at which time the TEC will be able to finalise its business plans and staffing needs. I will write to my hon. Friend at that time with further details, and place a copy of my reply in the Library of the House.
The cost of any redundancies of staff currently employed by the Hightown Holdings Group of companies which are not transferring to CELTEC is a matter for Hightown Holdings to determine.