Ridley wins battle for privatisation
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THE NA .I JONAL Bus Company is to be broken up as much as possible for privatisation, Transport Secretary Nicholas Ridley has announced.
Ridley told the NBC's general managers this week that the Government plans as far as possible to sell each of the 60 subsidiaries individually.
He promised that there would be a preference for management or employee buy-ours, although third parties would also be invited to bid.
He told the managers: "We look to you to help us us smoothing the path and mak
ing this great buy-out possible in the shortest time.
—[bird-party bids will be invited, but you already have a head start Take itivantage of it.
Ridley's announcement effectively means that he has scored a major victory over Chancellor Nigel Lawson who wanted the company to be sold as a whole to maximise the money raised through privatisation. Ridley wanted it split up to maximise competition.
The Government is to help the general managers by organising seminars on buyouts as well as enabling the start of negotiations between manager/employee teams and NBC.
He told them that the Government is examining means of assisting management to help mount buy-outs.
He urged them to indicate their interest early and to get their companies into shape for sale as soon as possible.
Most of the general managers have already indicated an interest in a management buy-out, and engineering subsidiary Carlyle Works this week confirmed it is creating a new corporate identity and is stepping up its contact with outside companies.