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• The Transport and General Workers Union has expressed grave

7th January 1988
Page 7
Page 7, 7th January 1988 — • The Transport and General Workers Union has expressed grave
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Which of the following most accurately describes the problem?

doubts about a company bidding to take over National Bus Company subsidiary Midland Red North (MRN) of Cannock, Staffordshire. The proposal is currently being considered by Transport Secretary Paul Channon.

Endless Holdings has already bought another NBC subsidiary, (Shamrock and Rambler) but according to TGWU regional trade group secretary Hugh Lowry: "With a track record and financial performance as abysmal as Endless's this company does not inspire confidence.

"I have written to Rodney Lund, chairman of NBC, and expressed this union's concern about Endless," says Lowry. "Research into the company shows that past performance does nothing to encourage confidence. I have an innate fear that this company is a medium-term asset stripper."

The TGWU has acquired a document which details Endless' history since it was formed in September 1980. According to this document Endless had to be rescued recently by UK Provident Holdings which now owns 33% of Endless Holdings. The 1987 accounts for Endless Holdings have not yet been filed, the document states. It is thought that Endless' bid for Midland Red North is worth up to £7 million.