Southampton busmen set to cash in
Wednesday 29 January 1997
A total of 320 employees invested an average of pounds 1,200 each when Southampton Citybus was bought from the city council in 1993. A total of pounds 420,000 was raised in equity from the employees towards the pounds 3m cost of the buyout. Total equity in the company is pounds 1.2m
The average windfall for each employee is the equivalent of a year's take-home pay. The company's bus drivers earn pounds 14,500 a year before tax for a 45-hour week. FirstBus would not disclose the price it had offered to pay but on past deals in the bus industry, the business is likely to sell for pounds 5m to pounds 10m.
Last year Southampton Citybus made a pre-tax profit of pounds 600,000 on a turnover of pounds 12m. It has debts of pounds 4.5m to pounds 5m. Its managing director, Ian Philips, said that a large element of the borrowings had been used to upgrade the fleet of 160 buses.
The company is the largest operator of gas-fired vehicles in the country. It has a fleet of 16 buses running on compressed natural gas and has its own gas filling station on site.
All of the employees from Mr Philips down received the same allocation of shares at the time of the buyout. A portion of the shares are held directly and the rest are held in a trust fund. Staff at the company were being told yesterday that the average payout was likely to be around pounds 12,000.
Last week employees at the Dundee-based bus company Taybus, came into a windfall worth an average of pounds 22,000 each after National Express, the coach operator, agreed to buy the business.
- 1 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 2 What happens to your body when you give up sugar?
- 3 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
George Clooney and Amal fail to get special treatment at New York restaurant
Cindy Crawford 'un-PhotoShopped' viral Marie Claire image was doctored, claims photographer
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...