Sell-off looks likely for council-controlled Eastbourne Buses

摘要

Eastbourne Borough Council is believed to be putting its 80% shareholding in 45-vehicle Eastbourne Buses up for sale following allegations of 'deep- seated problems' in the company, which has been under competitive attack from Renown Coaches' Cavendish operation for two years. In a process begun by Liberal Democrats and completed by a Conservative administration, the council sold 20% of the company to French transport group Keolis in 2001, with a profit incentive that would have allowed the outside shareholder to increase its stake to 49% by 2006. The fact that the shareholding remains where it was over six years ago suggests that the profit targets have not been achieved, even though the company took over some Stagecoach routes in the area.