Reading sells to Renault
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• Reading Transport has sold Reading Transport Commercial to Renault for more than 22m, so that it can concentrate on its bus business.
There will be no redundancies at the three-year-old CV maintenance division: six staff are moving across to Renault, five are staying on with Reading Transport and three have retired.
RTC's body and paint shop has not been included in the sale; it will move to Basingstoke Road, until its parent moves to Great Knollys Street.
"The substantial proceeds from the sale will enable us to build better facilities at the new depot and we can use the remainder of the funds to improve our bus transport operation and coaching programme," says RT's managing director Rod Wilson. Next year, he says, Reading Transport will invest heavily in vehicle replacement, although the 140strong fleet may be slightly reduced in size. The company is to spend about 25m on its new depot and equipment.
Renault plans to invest £1m on its new acquisition, which will trade as Renault Trucks Reading, acting as a sister company to Renault Trucks London.
Up to 60 staff will work at the Reading site: "The Thames Valley has seen an explosion in industrial growth, which is still continuing, as new businesses set up in the area," says Geoff Harvey, director and general manager of the London and Reading dealerships.