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Tayside looks at ESOP
Page 18
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• A bid to form a private bus company, part-owned by Tayside Region's bus drivers, won its first battle last week when plans were backed by a meeting of workers and the management.
Tayside Public Transport Company chairman Raymond IvIennie, convenor of the roads and transport committee, won approval in principle to go ahead with a scheme to set up an employee share ownership plan (ESOP), which would give workers 49% of the company and management 51%, The Dundee-based company is owned by Tayside Regional Council. The roads and transport committee and the full council have both sanctioned the proposals, "but there are still many Is to be dotted and Ts to be crossed," explains Mennie.
"We have got to have a valuation of the company, discuss the terms on which the bank is prepared to lend the money, and agree the articles of association and the conditions of employment to be transferred. The deal will not be wrapped up before September or October," he says.