Bournemouth Transport has been acquired by its management team from RATP Dev for an undisclosed sum with the company now controlled by three equal shareholders, David Squire, managing director, Simon Newport, commercial director and Phil Pannell, service delivery director.
The company trades as Yellow Buses and Yellow Coaches, and also included in the sale is Vintage Yellow Buses Limited, an associated non-trading company.
The management buyout follows a decision by French-owned RATP Dev to review its operations in the UK. RATP Dev had owned Bournemouth Transport for nine years and will now continue its operations in London as well as sightseeing and coach businesses in Bath, London and the north west.
David Squire, who was appointed managing director of Yellow Buses in 2017, says: “This puts the local management team firmly in the driving seat. We are now masters of our own destiny.
“We remain as BTL and there are no changes to the terms and conditions of our employees or pension schemes. We have injected fresh capital into the company and will be looking to invest in our staff, fleet and systems going forward.
“As an independent company we will be quicker, more agile at decision-making and, therefore, better able to react to opportunities as they arise.”
Yellow Buses operates a fleet of 140 buses and 16 coaches with more than 410 staff.
Laurence Batlle, RATP Dev chief executive officer, adds: “Under the leadership of David Squire and his team, Bournemouth Transport has undergone major transformation.
“The agreement will ensure the company has local ownership and management. We are delighted that we can enable Bournemouth Transport Ltd and its employees to pursue a promising way forward and wish them every success.”