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LCB awaiting ESOP approval
8th June 1989, Page 18
8th June 1989
Page 18
Page 18, 8th June 1989
— LCB awaiting ESOP approval
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Keywords :
Cooperatives, Economic Theories, Types Of Companies, Employee Ownership, Business / Finance, Law / Crime, Labor
• Municipal operator Leicester City Bus is edging towards an employee buy-out following approval for the idea by majority shareholder Leicester City Council.
The employee bid has superseded an earlier proposal by ex-managing director Bob Hind for a management buy-out with only minimal employee involvement.
Acting managing director Tony Wills says investigations into the latest bid are at an early stage and an ESOP looks likely. For the time being, Wills is intent on dragging LCB out of the red: the company expects to turn in a substantial loss when the annual results are announced. It has been reviewing its expenditure over the last two months to try and rectify matters.