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T.D.G. Buy Rankins
Page 44
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TI-E entire issued share capital of R. Rankin and Sons, Ltd., of Newcastle upon Tyne, has been acquired by the Transport Development Group, Ltd. Price of the acquisition was £498,510 and involved the allotment of 144,230 Ordinary shares of 5s. each of Transport Development, credited as fully paid, and payment of £348,510 in cash.
Transport Development are to continue Rankin's under their present name. Mr. R. Rankin will remain as managing director, but Mr. N. Rankin, Snr., and Mr. W. Rankin, Snr., have retired from the board.
This latest acquisition adds about 120 vehicles to T.D.G.'s total, nearly half of them tankers.
MUNICIPAL BUSMEN ACCEPT
A DELEGATE conference representing
70,000 municipal busmen approved by an overwhelming majority in London last week the new pay agreement reached by employers and unions. The agreement came into operation last week.