British Coal to sell off non-mining businesses
The businesses include smokeless fuel manufacture and distribution, computer and consultancy services and the British Coal pensions and insurance centre in Sheffield.
British Coal will consider financial assistance for management buyout teams for the sale. Management is thought to be interested in Coal Products in Derbyshire, Britain's largest manufacturer of smokeless fuels and foundry coke, which may be sold this summer.
Potential bidders should contact Samuel Montagu, which is advising on all the businesses except Coal Products, advised by Price Waterhouse. No decision has yet been taken on the future of CIN Management, wholly owned by British Coal and the investment manager for its pension funds.
It is also not clear who will control and fund the research laboratories or British Coal Enterprise, a job creation company operating in coal mining areas which has a large property portfolio, not all of which will pass to companies taking over the mines.
Coal Investments, run by Malcolm Edwards, former commercial director of British Coal, has joined the Union of Democratic Mineworkers to bid for coal mines in the five regional packages due to be privatised later this year.
British Nuclear Fuels, the state-owned nuclear reprocessing company, is to shed more than 2,000 jobs at Sellafield, Cumbria, and Chapelcross, Dumfries and Galloway. Sellafield will bear the brunt of the cuts, which will be made over five years and are intended to reduce BNFL's operating costs by pounds 100m.
BNFL said the reductions were in addition to 400 redundancies at Sellafield announced in February. The cuts would have been much worse had the company not received the go-ahead for the controversial Thorp reprocessing plant which began operating in March.
- 1 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...