INBRIEF

Ibstock avoids referral

Trade secretary Ian Lang will not be referring the acquisition of Redland Bricks by Ibstock Building Products, a subsidiary of Ibstock PLC, to the Monopolies and Mergers Commission providing Ibstock meets stipulated undertakings including the disposal of five factories with a combined capacity of 168 million bricks per annum.

Changes "heavy handed"

The Royal Institution of Chartered Surveyors has attacked the Government's proposed changes designed to close loopholes in the 1985 Finance Act as too complex and heavy-handed. The proposals are aimed at preventing abuse of capital allowance provisions relating to fixtures in buildings but RICS says that they must be simplified if they are to be applied effectively.

Crosby sale

Spring Ram, kitchens and bathrooms manufacturer, is to dispose of its Crosby division to the Premdor Group for a provisional cash consideration of œ12.3 million and the assumption by Premdor of Crosby's œ9.8 million net debt on completion. The move will enable Spring Ram to concentrate on its core divisions.

Committee recommends

The House of Lords Select Committee on the channel tunnel rail link bill has completed its consideration of petitions against the bill and announced its recommendations. They will be considered by aviation and shipping minister Lord Goschen who will respond to the committee in September. The bill had 293 petitions lodged against it.

Granada completion

Wendover Properties and Granville Private Equity Managers completed their œ3.75 million acquisition of Granada Contract Services from Granada plc last week. Debt facilities are arranged and provided by NatWest Markets.