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Dip supports YR sale

15th September 1988
Page 14
Page 14, 15th September 1988 — Dip supports YR sale
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Which of the following most accurately describes the problem?

• Talks are underway for a staff buyout of bus operator Yorkshire Rider which is solely owned by West Yorkshire Passenger Transport Executive.

The PTE and Secretary of State for Transport, Paul Channon, have already agreed in principle to.a buyout involving a share ownership trust. Talks are now being held between Yorkshire Rider, several unions and the PTE, which is a consortium of five councils Leeds, Huddersfield, Bradford, Halifax and Wakefield, to finalise the takeover package before it is sent to Channon for final approval.

Yorkshire Rider, however, says it it still uncertain whether the Secretary of State will accept the management and employee buyout offer.

Yorkshire Rider has 3,500 employees, including some 2,500 drivers. It has an annual turnover of around .E64 million and runs more than 1,100 passenger vehicles.

The fleet comprises 830 double-deckers, 225 minibuses, 51 single-deckers and four midibuses. Yorkshire Rider also owns a coaching fleet of 40 vehicles called GoldRider, which operates holidays, private hire and excursions.

The Transport and General Workers Union, which represents mound 84% of Yorkshire Rider employees, says if the buyout is accepted, Yorkshire Rider would become the largest company in Britain to be owned by its management and workforce. There are currently only five such companies in Britain, including City Vehicle Engineering in County Durham.

The TGWU says: "The PTE is talking to financial consultants Price Waterhouse at the moment, to gauge what is a fair price for Yorkshire Rider. We also have to wait for Chan non's decision so we will not know how successful the bid has been until October."

Yorkshire Rider is divided into seven areas, each with nine depots. These divisions are: Calder&le, Huddersfield, Bradford, Wakefield, Bramley, Headingley and Torre Road.


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