Tilling-B.T.C. Agreements Signed A GREEMENTS for the sale of the
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r troad passenger transport and road haulage undertakings of Thomas Tilling, Ltd., to the British Transport Commission have now been signed by Lord Rusholme on behalf of the Commission and Sir Frederick Heaton for Thomas Tilling, Ltd. The purchase price is £24,800,000, to be satisfied by an allotment of British Transport 3 per cent. Guaranteed Stock 1968-73 at 101 per cent., the Stock Exchange price on September 30 last. Interests transferred are as follows:— Companies Taken Over.
(a) Tilling Motor Services, Ltd., (b) National Omnibus and Transport Co., Ltd., (c) Brighton, Hove and District Omnibus Co,, Ltd., (d) United Counties Omnibus Co., Ltd., (e) Westcliff-on-Sea Motor Services, Ltd., (f) Charles A. Wells, Ltd., and (g) E. W. Rudd, Ltd.
Tilling Motor. Services, Ltd., holds large interests in the Caledonian Omnibus Co., Ltd., Crosville Motor Services, Ltd., Cumberland Motor Servies, Ltd., Eastern Counties Omnibus Co., Ltd.. Hams and Dorset Motor Services, Ltd., Lincolnshire 'Road Car Co., Ltd., Southern Vectis Omnibus Co., Ltd., Thames Valley Traction Co., Ltd., United Automobile Services, Ltd., West Yorkshire Road Car Co., Ltd., and Wilts. and Dorset Motor Services, Ltd.
"Eastern Countier controls Norwich Omnibus Co.. and Eastern Coach Works, Ltd. "Thames Valley" owns Ledbury Transport Co., Ltd. U.A.S. owns Bells' Services, Ltd., and Orange Bros., Ltd., and has a large holding in "Eastern Counties." "West Yorkshire" has a half interest in KeighleyWest Yorkshire Services, Ltd., and the York-West Yorkshire Joint Committee, and 'holds more than half the shares in Otley Omnibus Stations, Ltd.
Group B, headed by the National Omnibus and Transport Co., Ltd., includes Eastern National Omnibus Co., Ltd., Southern National Omnibus Co., Ltd., Western National Omnibus Co., Ltd., Bristol Tramways and Carriage Co., Ltd., Bristol Joint Services, Bath Tramways Motor Co., Ltd., Bristol Commercial Vehicles, Ltd., and 'Bath Electric Tramways, Ltd.
Charles A. Wells, Ltd., owns the London Motor Construction Co., Ltd., and E. W. Rudd, Ltd., is proprietor of J. Calnan and Sons, Ltd.
In addition, interests transferred to the Commission include holdings in London Coastal Coaches, Ltd., A. Timpson and Sons, Ltd., Omnibus Stations, Ltd , Blaekpool Omnibus Stations, Ltd., Fawdon Omnibus Co., Ltd., and Black and 'White Motorways, Ltd. The haulage undertaking of Thomas Tilling. Ltd., in London is also transferred.
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Holders of ordinary stock are to be recommended to accept £5 of British Transport 3 per cent. stock in respect of each £1 of stock held. , After making these payments, a balance of £3,954,455 of British Transport 3 per cent, stock will remain and will be retained in the business.
Mr. Stanley Kennedy, who has been a director of the parent company for nearly 19 years, is taking up an appointment with the B.T.C. The whole of the head office staff of the Tilling Association, Ltd., and certain of the leading executives of Thomas Tilling, Ltd., at head office, are also taking up appointments with the Commission. The company will now be entirely an investment and holding company, and Sir Frederick Heaton states that he proposes to relinquish his position as managing director, but to remain chairman.