British Leyland chiefs yesterday accepted the Ryder plan for a Government takeover of the ailing car empire. But they hope to improve the 10p-a-share Government offer. Leyland chairman Lord Stokes told of the decision , in a letter to shareholders. He took a knock at some parts of the report by Sir Don Ryder, the Government’s chief industrial adviser.
Lord Stokes, who is expected to become president of the company in a management reshuffle, complained that the report: Incorrectly implies that there was no plan for the financial organization of the company.
It had been explained to Sir Don’s team that the present organization was “transitional.” Predicts future performance and assumptions. The forecasts, says Lord Stokes, depended on improving efficiency, “which in turn depended on realistic manning levels and fuller utilisation of capital assets.”