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02/09/2002

Treasury agrees borrowing limit for BBC commercial subsidiaries

The Treasury has agreed a borrowing limit of £350 million for the BBC's commercial subsidiaries, BBC Ventures Group (encompassing BBC Resources Ltd, BBC Technology Ltd, BBC Broadcast Ltd and Kingswood Warren Ventures Ltd) and BBC Worldwide Ltd.
John Smith, BBC Director of Finance, Property and Business Affairs, said: "This agreement will allow Worldwide and Ventures to invest in new opportunities for growth and to provide a bigger return for re-investment in BBC programming and services, for the benefit of the licence fee-payer."
As part of the agreement with the Treasury the BBC has agreed to manage within a range of covenants designed to ensure safety levels in all commercial investments.
A non-trading commercial holding company will be created to hold the shares in BBC Worldwide and BBC Ventures Group.
(GB)
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