Rotala acquires Preston Bus Company
Preston Bus has been acquired for £3.2 million by Rotala following successful sales negotiations with Stagecoach.
Successful sales negotiations have led to transport operator Rotala purchasing Preston Bus from Stagecoach for £3.2 million.
The latest acquisition by Rotala operates 85 vehicles in the Preston area and will add some 240 people to the buyer's workforce.
Finance for the acquisition is expected to come from a hire purchase facility of £2.4 million, some from the company's banking facilities and about £617,500 from Rotala's bankers.
Rotala chairman John Gunn stated: "The extension of our network up the M6 to Preston will bring us a presence in a wholly new area of operation."
He added that he was confident that the acquisition would help his business to enlarge its activities and that this would soon manifest in an increase in shareholder values.
According to the Rotala website, the firm is the second largest operator in the West Midlands and South West of the UK. It runs local bus services, commercial bus routes and VIP corporate transport contracts.