Mr. Dawson's Interest in B.R.S.
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Parcels Network Wanes
A DEMAND that the Road Haulage Disposal Board should guarantee to accept the highest bid made for the national parcels network of British Road Services, above the market value of the properties and the
book value of the other assets, was made last week by Mr. George Dawson.
He said that he was reluctantly coming to the conclusion that he would be .wasting his own time and money, as well as those of many others, if he continued with his detailed investigations into the network with a view to purchase.
• He alone had made a bid for it, but he and his advisers were seriously perturbed by the work and expense involved in doing so. They had already spent a great amount of time and money on preliminary investigations, but had so far touched only the fringe.
About £10m. might be required for the purchase, and a new undertaking of such magnitude could not be financed by one man. The whole proposed ilancial structure must be decided upon and the finances arranged before a bid could be made. The sanction of the Capital Issues Committee was also necessary.
Mr. Dawson was aggrieved by the refusal of his offer of £785,000 (reported in The Commercial Motor on November 12) for the meat transport section of B.R.S. The bid included £510,000 for 490 vehicles, 425 trailers, 450 containers, plant, machinery, office furniture, equipment and a few freehold and leasehold properties. The properties available were insufficient for Mr. Dawson to operate, and he offered £275,000 for a number of additional premises.
Tender Above Book Value "I believe that the additional properties for which I offered were excluded, as another interested party had indicated that it would not require them," said Mr. ,Dawson. "This bid, the only one, was thrown out, the other interested party (if indeed there ever was one) did not tender, nor did any other person, group or undertaking. On the basis of 13.R.S, own figures my tender was above book value. Had my tender been accepted, I would, with working capital, preliminary and formation expenses, have invested somewhere in the order of Elm."
He wondered whether the sellers were "just playing a game of complying with the Act, just so far as seem to them to be necessary," without any intention of selling.
The time had come for the Disposal Board to make a public announcement • on their policy and, to give a clear undertaking that bids made were given fair consideration.
THE CHRISTMAS SPIRIT
A SEASONALLY decorateedoubler 1. deck bus has been placed in service for the Christmas period by Stockton Transport Department. Normal fares are being charged on the bus, which is operating a different route each day, but collecting boxes for a local hospital have been provided near the entrance Al 8