Business Secretary Vince Cable statement - Farepak
Business Secretary Vince Cable said: “The result of the legal proceedings case against the former directors was disappointing but this increased…
Business Secretary Vince Cable said:
“The result of the legal proceedings case against the former directors was disappointing but this increased compensation will go some way in helping those who were left considerably out of pocket by Farepak’s collapse. My department and Lloyds will work to make sure this money gets to the victims as quickly as possible. I will be meeting a group of Farepak’s creditors and MPs next week to discuss the case.”
**Notes to editors:
**1. Farepak Food & Gifts Ltd and European Home Retail (EHR) plc went into administration on 13 October 2006. EHR went into liquidation on 21 February 2007 and Farepak went into liquidation on 4 October 2007. Following an investigation, disqualification proceedings commenced on 26 January 2011 against nine directors. Two directors offered undertakings later that year. The disqualification hearing started at the High Court on 24 May 2012 and the Secretary of State discontinued proceedings on 20 June 2012.
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HBOS plc, which provided banking services to EHR plc, holding group of Farepak, before it went into administration and liquidation, is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group since January 2009.
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The Government’s economic policy objective is to achieve ‘strong, sustainable and balanced growth that is more evenly shared across the country and between industries.’ It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
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To create the most competitive tax system in the G20
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To make the UK the best place in Europe to start, finance and grow a business
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To encourage investment and exports as a route to a more balanced economy
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To create a more educated workforce that is the most flexible in Europe.
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Work is underway across Government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the Government wants the economy to travel.
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BIS’s online newsroom contains the latest press notices and speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.
Notes to Editors
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