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Buyout choice for Scottish busmen
Page 22
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• Busmen at Western and Clydeside Scottish companies are faced with a choice of two rival buyout schemes. The two companies are merging, in line with an instruction from the Secretary of State designed to maintain a competitive edge in and around Glasgow.
Alan Wilson, managing director of the two companies, is leading a management buyout which would include a 25% shareholding for all employees under an employee share ownership plan. Management would hold 30%, and 25% would be held by Scottish financial institutions. The workers would be offered the chance to buy a further 20%.
Interest is strongest at Western, because in Clydeside a rival proposal for a worker buyout has come from Paisleybased Transport and General Workers Union shop steward Eddie Cassidy, with support from Luton and District Bus Company. Financial director Eddie Craik, who originally supported the management scheme, has switched his support to the worker buyout.
But only 15% of Western employees have supported the worker buyout, compared with a claimed 95% at Clydeside.