Eastern Counties sold off
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• Eastern Counties Omnibus is the 19th National Bus Company local operating subsidiary to be sold off under the Government's privatisation programme for the group.
Norwich-based Eastern Counties, which operates throughout Norfolk and Suffolk, is being sold to its management, although as part of the deal it is having to sell its bus station and depot in the city to Norwich Union Insurance, to help finance the buy-out.
Norwich Union plans to redevelop the site to include a new bus station, and Eastern Counties will transfer its depot and workshops to an alternative site in the city.
The buy-out is being led by Eastern Counties' managing director Peter Brunelle, with the support of commercial director Steve Dawson, financial director David Hupton and the engineering director Ken Poison.
Up to 20% of the equity in the new company is to be made available to other members of Eastern's 850-strong workforce who wish to own a stake. The offer from Eastern management was preferred to several outside bids.
Eastern currently runs around 340 buses and minibuses from depots in Bury St Edmunds, Felixstowe, Ipswich, King's Lynn, Lowestoft, Saxmundham and Great Yarmouth. It is the 17th subsidiary to be sold off to its management.