Committee Reports::Report No. 03 - B&I Line plc::12 July, 1988::Appendix

Appendix XI

Text of press statement issued by B&I Line plc, 11 December, 1987

The Board of B&I Line to-day welcomed the Government’s approval of the Company’s plan and the decision to provide continued support for the Company. The Government commitment of up to £11m in 1988 will enable the Company to commence the implementation of its new five year plan.

The plan drawn up with the agreement of the entire workforce in B&I will see the Company concentrating on short sea car ferry operations and the development of driver accompanied Ro/Ro freight business in direct response to changing trends and new competitive challenges in the market place.

The Board is confident that a new slimmed down B&I can move forward positively, achieve viability, exploit new business opportunities and face competition as it arises.

The Board of the B+I paid tribute to the entire workforce of the Company, and their Trades Union representatives for their participation in achieving an unusual agreement of real value.

According to Mr. Alex Spain, Chairman and Managing Director of B&I, both the workforce and the Company are now positioned to concentrate on the job of marketing its planned new freight and passenger services.