Boro'line deal 'soon'

16th January 1992, Page 16

16th January 1992

Page 16

Page 16, 16th January 1992 — Boro'line deal 'soon'

Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.

• Troubled bus operator Maidstone Boroline is on the verge of being sold to the holding company of Northumbria Motor Services and Kentish Bus.

Maidstone Borough Council is understood to have accepted a £300,000 bid from the Proudmutual Transport Group; the deal should be completed this week.

Initially Proudmutual was believed to have offered £1.3m for the Kent-based operator, which has fixed assets worth more than Elm, with 100 buses operating out of depots at Maidstone and Crayford in Kent. It reduced its offer as the six other bidders, including Maidstone and District, dropped out.

Proudmutual will take over many of the company's debts, including a Lim overdraft. The deal will increase the group's bus fleet to over 650.