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John Watts, Minister for Railways and Roads, today welcomed the sale of one of British Rail's Central Services manufacturing companies, Baileyfield Switches and Crossings Works.
BR has sold the Baileyfield Works to VAE Baileyfield Ltd, a subsidiary of VAE Aktiengesellschaft of Vienna.
Mr Watts said:
"This is a further step along the road to privatisation. It demonstrates the private sector's interest in the process, and its commitment to the long term future of the railway industry, not just in the UK but throughout Europe.
"This is very good news for VAE Baileyfield's customers and staff alike".
A number of organisations expressed interest in the Edinburgh-based business, which led to competitive bids from a range of significant companies. The Works are being sold as a going concern, employing about 20 staff in producing railway track switches, crossings and rail insulation block joints. The Works had a turnover of about #3.5m in the financial year 1994-95.
NOTE TO EDITORS
1. The Baileyfield Works forms part of BR's Central Services. BR plan to dispose of nearly 20 other Central Service businesses by the end of the current financial year.
