RATP Dev has sold Yellow Buses in a management buyout.
Bournemouth Transport Ltd, trading as Yellow Buses and Yellow Coaches, has sold to Managing Director David Squire, Service Delivery Director Phil Pannell, and Commercial Director Simon Newport, for an undisclosed sum. The three are now equal shareholders.
RATP Dev says this is so it can focus on its franchise operations in London, plus its sightseeing and coach operations in Bath, London and the North West.
Yellow Buses operates 140 buses and 16 coaches, with 410 staff.
The associated non-trading company of Vintage Yellow Buses Limited was also included in the sale.
Mr Squire, who became MD in 2017, says: “We have injected fresh capital into the company and will be looking to invest in our staff, fleet and systems going forward.
“This puts the local management team firmly in the driving seat. We are now masters of our own destiny.
“We are over 18 months into the plan that we started in 2018 and are in a strong place with passenger growth, improved income and a booming coach operation.
“As an independent company we will be quicker, more agile at decision-making and, therefore, better able to react to opportunities as they arise.”
Laurence Batlle, CEO of RATP Dev, says: “Under the leadership of David Squire and his team, Bournemouth Transport has undergone a 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.”