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Workers buy Busways

11th May 1989, Page 18
11th May 1989
Page 18
Page 18, 11th May 1989 — Workers buy Busways
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• Busways Travel Services has been bought by its management and employees in a 14.35 million deal which incorporates a 49% Employee Share Ownership Plan.

The ESOP, Britain's 15th, will give all of Busways' 1,800 employees a stake in the business. Funding for the purchase was arranged by Unity Trust and the Co-operative Bank.

Chairman and managing director Eric Hutchinson led a management team of nine who have bought the remaining 51% of the company.

Tyne and Wear PTA chairman Roy Burgess says: "It is clear that the Government will not allow ownership of bus companies to remain in local authority hands. In the circumstances we are satisfied this sale is in the best interests of passengers, ratepayers and the employees." o Just before the ESOP was completed Busways announced spending of £3.5 million on 57 new buses. The 25 Leyland Lynx single-deckers, 20 Scania/ Alexander single-deckers and 12 Iveco Ford minibuses are now in service.

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