26 May 2009

Citybus for sale

"After all, something's only worth what someone's prepared to pay for it”

dbg Elsewhere...
Numberzz 36
Photoshopping Penguin
Teach Yourself Graphic Design

13 - 1 = 12
Protecting Staff
Five Challenges
Going Dutch
More BRT
This is Plymouth
Citybus for sale
Missed a trick
Meldon Viaduct
Iron Oxide
Meldon Pool
Red-a-ven Brook
Writing on the wall

Plymouth Citybus 062 WJ52GOA "During these tough economic times, it would be irresponsible not to find out exactly what our assets are worth and to do that, we need to offer it to the market. After all, something's only worth what someone's prepared to pay for it.”
I have spent some of today catching up with the news over the past week or so and actually came across this story first of all on the excellent Omnibuse2.0 site. Plymouth City Council have announced that it is looking at releasing some or all of its shares in Plymouth Citybus.
Cllr Pengelly said: "I will say that Plymouth CityBus will not be sold unless a sensible offer is put forward. A report to Cabinet suggests the city council would receive millions of pounds if a sale were to take place, which could then be invested in front-line services through its capital programme.

Naturally First have already expressed their interest.
"If and when Plymouth Citybus is offered for sale, naturally we would be interested in it
Local businessman ‘Taxi Mogul’ John Preece thinks its all a bit too late…
"Plymouth City Council has missed a trick here. They should have sold the company five years ago. Delaying it has cost millions to the value of CityBus”

He has been trying to buy Citybus for some time!

The sale or otherwise of Citybus has come up several times over the years, but this time it does seem more likely, although John Preece may well be right in wondering how many buyers are sitting in the wings with cash to spend. That said, as Omnibuses point out There are few jewels left and there’s likely to be a frenzy for this one. 

This is clearly a story which is going to run and run over the coming weeks/ months and will be followed closely here.
The one thing that can be sure is that it will be an unsettling period for all the staff.

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