The Minister for Business and Enterprise (Matthew Hancock)
On 15 July 2014 my right hon. Friend the Member for Sevenoaks (Michael Fallon) announced to the House our plans for the divestment of public sector ownership of the Constructionline scheme by a competitive sale process. I now have pleasure in announcing to the House that the sales process has been successfully completed.
At the time of announcing Government’s divestment of the scheme it was noted that Constructionline had operated to reduce the administrative burden from businesses in the construction industry, in particular small and medium-sized enterprises, and that there were now a number of further opportunities to help business which were best developed by a private sector owner of Constructionline within the competitive market.
I am pleased to note that bidders have recognised and responded positively to those opportunities throughout the competitive bid process and I can announce that Capita will become the new owner of the scheme from today. The receipt for the sale of £35 million is good value for money for the taxpayer.
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