The
Board of Optare Holdings Ltd has today
announced (12 March 2008) that it has reached agreement to
sell the entire issued share capital of the
Company to Jamesstan Investments Ltd, an
investment company controlled by Roy Stanley,
the successful North East based entrepreneur,
for an undisclosed sum.
Optare
has successfully operated as an independent
company in the bus and coach industry since it
was purchased from North American Bus
Industries Inc, by a Management led team in
July 2005.
Since that time the Company has
continued its innovation-led product
development strategy in launching the Versa
and Solo SR and has seen a significant
increase in its share of the
UK
’s heavy duty bus market.
The
change of ownership will continue Optare’s
independence whilst providing a platform for
further business growth in the
UK
and European markets with the support of a
financially strong holding company.
Significant opportunities exist to
develop Optare’s current bus range by
offering alternative environmentally friendly
propulsion systems.
Tempo and Versa hybrid diesel/electric
buses are currently being developed, which are
expected to further reduce the class leading
low fuel consumption of the current bus range
offered to customers.
Bob Coombes
, Group Managing Director,
and the rest of the Management Team, have
committed themselves to remaining with Optare
and providing full continuity for employees,
customers and suppliers.
Russell Richardson, Chairman of Optare
Holdings, will join the board of Jamesstan
Investments as a Non- Executive Director.
Mr
Stanley, Chairman, and a significant shareholder
in the AIM listed companies, The Tanfield Group
Plc and Darwen Holdings Plc, said: “I am
committed to the future of bus making in
Britain
and believe that Optare has an unsurpassed range
of buses – all to its own innovative design
and based on full, integral construction.
This was a rare opportunity to acquire
such a dynamic business at a time when it is
poised to win even greater success in the
competitive
UK
market and also to win more sales in
Europe
.
“I
will be giving
Bob Coombes
and his colleagues all the support I can to
maintain their winning formula and am pleased
that Russell Richardson will be making his
expertise available to help me steer the Optare
business in the future”, he said.
Russell
Richardson said: “This agreement means
“business as usual” for all of Optare’s
stakeholders – employees, customers, suppliers
and others alike – and it is a pleasure to
announce the successful conclusion of this
transaction.
I have great respect for Roy Stanley and
I am certain he will help drive the business
forward from the excellent position it is in
today reflecting the Optare team’s
considerable achievements in the past three
years. I
am delighted that I will continue to be involved
in the Company’s future success.”
For
further information please contact: Martin
Hayes, Communications Advisor,
0207 494 8050
or mhayes@automotivepr.com
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