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VENTURE CAPITALISTS AND WORKERS' RIGHTS

EDM number 873 in 2006-07, proposed by Gwyn Prosser on 07/02/2007.

That this House regrets that venture capitalists Permira took over Birds Eye at Hull in September 2006 promising job security and stability for a minimum of three years for staff, but announced closure and over 600 job losses in January 2007; notes that, since the AA was purchased by CVC and Permira in 2004, some 3,400 staff who assist motorists have been sacked; condemns the company's union-busting tactics; further notes that remaining employees, many of whom are GMB members, have been pressured to cope with extra work resulting in motorists abandoned at the roadside; is concerned that AA membership charges have risen by up to 30 per cent. while company profits have doubled to £200 million; is alarmed at reports that the venture capitalists are to borrow a further £500 million to pay themselves a special dividend, burdening the company with debts of £1.9 billion, jeopardising employees' future pensions; considers this action to be blatant asset-stripping by individuals protecting their own assets by operating through limited liability companies; recalls that Permira's asset-stripping of Little Chef resulted in mass closure of restaurants with consequent job losses; views with alarm that venture capitalists are now seeking to buy Sainsbury's, threatening the future of 769 stores and 155,000 jobs; and calls on the Government to reform company law to prevent speculators from exploiting the protections afforded by limited status and ensuring that the interests of the customer and the employees should not be undermined by the greed of venture capitalists.

This motion has been signed by a total of 35 MPs, 1 of these signatures have been withdrawn.

MPDateConstituencyPartyType
Gwyn Prosser07/02/2007DoverLabourProposed
Alan Meale08/02/2007MansfieldLabourSeconded
Peter Bottomley08/02/2007Worthing WestConservativeSeconded
Eric Illsley08/02/2007Barnsley CentralLabourSeconded
John Pugh08/02/2007SouthportLiberal DemocratSeconded
Martin Caton08/02/2007GowerLabourSeconded
Lynne Jones08/02/2007Birmingham, Selly OakLabourSigned
David Drew08/02/2007StroudLabourSigned
Mike Hancock08/02/2007Portsmouth SouthLiberal DemocratSigned
Kelvin Hopkins19/02/2007Luton NorthLabourSigned
Katy Clark19/02/2007North Ayrshire and ArranLabourSigned
David Anderson19/02/2007BlaydonLabourSigned
David Taylor19/02/2007North West LeicestershireLabourSigned
Roger Godsiff19/02/2007Birmingham, Sparkbrook and Small HeathLabourSigned
Andrew Dismore19/02/2007HendonLabourSigned
Ann Cryer19/02/2007KeighleyLabourSigned
Lindsay Hoyle19/02/2007ChorleyLabourSigned
Edward O'Hara20/02/2007Knowsley SouthLabourSigned
Hywel Francis20/02/2007AberavonLabourSigned
Paul Flynn20/02/2007Newport WestLabourSigned
John McDonnell21/02/2007Hayes and HarlingtonLabourSigned
Chris Bryant21/02/2007RhonddaLabourSigned
Colin Burgon21/02/2007ElmetLabourSigned
Jeff Ennis21/02/2007Barnsley East and MexboroughLabourSigned
Rudi Vis21/02/2007Finchley and Golders GreenLabourSigned
Jeremy Corbyn22/02/2007Islington NorthLabourSigned
Jim Cousins22/02/2007Newcastle upon Tyne CentralLabourSigned
Janet Dean23/02/2007BurtonLabourSigned
Robert Wareing23/02/2007Liverpool, West DerbyLabourSigned
Rob Marris27/02/2007Wolverhampton South WestLabourSigned
Bill Etherington27/02/2007Sunderland NorthLabourSigned
Alan Simpson28/02/2007Nottingham SouthLabourSigned
Brian Jenkins28/02/2007TamworthLabourSigned
Jim Dowd22/03/2007Lewisham WestLabourSigned
Sadiq KhanUnknownWithdrawn

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