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M&D bus buyout

15th November 1986
Page 18
Page 18, 15th November 1986 — M&D bus buyout
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Which of the following most accurately describes the problem?

• The fifth management buyout of a National Bus Company subsidiary has taken place, this time at Maidstone.

Maidstone and District Bus Services was formally purchased by a management team led by managing director Stephen Trennery, 37, on November 7.

Trennery is joined in the management buy-out by four directors, including the first woman member of a bus company's management buy-out team — Eileen Lim, 32, the company's finance director. The National Westminster Bank backed the buy-out.

All 940 staff in the company will each be given £200 worth of non-voting preference shares in the company. A further 20% of the ordinary shares will be made available for sale to employees who wish to take a bigger stake in their company.

There are 300 buses and coaches in the company's fleet.

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