Heseltine orders Lancer Boss report

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The Independent Online
THE Department of Trade and Industry has ordered Lancer Boss's receiver to produce a full report on the collapse of the forklift truck maker, writes David Bowen.

The demand from Michael Heseltine, President of the Board of Trade, followed yesterday's confirmation that Jungheinrich of Germany has taken control of the group.

Allan Griffiths of Grant Thornton said he would be writing a paper on the complexities of the cross- border receivership.

Jungheinrich, which bought Steinbock, Lancer Boss's German subsidiary, soon after the group went into receivership a month ago, is believed to have paid pounds 18m for the Leighton Buzzard factory, as well as the distribution companies in Ireland and Austria. It is not buying Lancer Boss's Spanish factory, which is now in liquidation.

Robert Bischof, chairman of Jungheinrich GB, said the jobs of the 700 workers at Leighton Buzzard were now secure, though the 69 people made redundant since the receivership would not be rehired. The sale was welcomed by management and unions.

Mr Bischof said that the price Jungheinrich paid for the British and German operations together was virtually the same as the amount it had offered for the whole group before receivership.