ESOP's able at Cleveland
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• Cleveland Transit has been bought by its management and workforce.
Last week Langbaurgh, Middlesbrough and Stockton councils handed over the Stockton-based firm following three years of negotiations.
The deal includes the Stock ton depot, 360 employees and a fleet of nearly 140 buses and coaches. Now the new management plans to expand its fleet by introducing more minibuses. It currently runs 20 minibuses, 41 single-deckers, 61 doubledeckers, 13 coaches and one open-top vintage bus,
Other plans include the introduction of more equipment to suit disabled and elderly passengers and the use of more environmentally friendly vehicles in the fleet.
Cleveland Transit's managing director, Malcolm Howitt, says: "We are one of only two bus compa flies in the North-East to have taken on an employee buy-out option." He believes that because all employees own a share in the company through an Employee Share Ownership Plan their commitment to its future will be strengthened.
Cleveland Transit is the ninth municipal bus company in Britain to be privatised since deregulation began in 1985. It follows Portsmouth City Transport, Grampian Regional Transport, Yorkshire Rider, lass-Ely Transport, Inter-Valley Link, Tyne 8z Wear Busways, Derby City Transport and Chesterfield Transport, Privatisation of the 38 remaining municipal companies is expected to be pushed through quickly if the Tories win the next election. Prime Minister John Major is believed to be instructing that a Municipal Privatisation Bill should be prepared without delay.