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West Yorks goes private

3rd September 1987
Page 24
Page 24, 3rd September 1987 — West Yorks goes private
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Which of the following most accurately describes the problem?

• The sale of West Yorkshire Road Car has now been completed, making this the 44th National Bus Company operating subsidiary to be privatised. The Harrogate-based business has been bought by members of WYRC's management team in partnership with Alan Stephenson, the chairman and managing director of former NBC subsidiary East Yorkshire Motor Services, who now joins the West Yorkshire board. Before taking over at East Yorkshire Motor Services Stephenson was company secretary at West Yorks.

Before last week's deal was completed NBC had already sold off WYRC's properties to Parkdale Holdings, a Leedsbased property and financial services group which is leasing back a number of sites to WYRC (CM 6-12 August).

NBC's recommendation of the Stephenson/Parkdale offer was approved last week by Transport Minister David Mitchell and subsequently backed by Parkdale's shareholders.

West Yorkshire runs some 400 buses, coaches and minibuses, from depots in Bradford, Harrogate, Keighley, Leeds, Otley and York.

West Yorkshire's 1,480 staff will all be given the chance to participate in a profit sharing scheme. West Yorkshire's present company secretary and financial director Giles Feamley becomes managing director of the newly-privatised company.

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