Bump buyout given go-ahead
17th November 1988, Page 17
17th November 1988
Page 17
Page 17, 17th November 1988
— Bump buyout given go-ahead
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• The Government has given its seal of approval to the proposed multi-million staff buyout of North East bus firm, Busways.
Michael Pornllo, Public Transport Minister, has written to Neville Trotter, Conservative for Tyneside, saying he is prepared, in principle, to agree to a Busways management and employee buyout.
The Passenger Transport Authority, which owns the bus company, has already backed the proposed buyout plans.
It says: "The approval from Michael Portillo is very encouraging but we now have to wait for the valuation of the firm and a consultant's report before the sale plans can go any further. After that, we will still need the approval of Transport Secretary Paul Channon."