Post by acnedriver on Jun 2, 2023 5:11:05 GMT
www.sharesmagazine.co.uk/news/market/1685615709860010100/rotala-proposes-gbp304-million-bolton-depot-and-related-vehicles-sale
Rotala has sold its Bolton depot for over £30m after its legal challenge against Greater Manchester’s plans to take control of its bus network failed.
The listed company has agreed the deal with Transport for Greater Manchester (TfGM) and the Greater Manchester Combined Authority (GMCA).
Rotala bought the site from First Manchester for £5.3m in June 2019.
The deal also includes placing 134 vehicles into the notional asset pool created by TfGM as part of the franchising arrangements for Greater Manchester.
The near seven-acre depot was constructed almost 20 years ago and serves bus routes in Bolton and Bury and into the centre of Manchester.
The deal comes after Rotala warned in March 2022 that it might have to sell the Bolton site if Greater Manchester's Bee Network was implemented.
The company launched a legal challenge in the summer of 2021 but the plans spearheaded by Mayor of Greater Manchester Andy Burnham were backed by the courts less than a year later.
www.sharesmagazine.co.uk/news/market/1685615709860010100/rotala-proposes-gbp304-million-bolton-depot-and-related-vehicles-sale
Rotala has sold its Bolton depot for over £30m after its legal challenge against Greater Manchester’s plans to take control of its bus network failed.
The listed company has agreed the deal with Transport for Greater Manchester (TfGM) and the Greater Manchester Combined Authority (GMCA).
Rotala bought the site from First Manchester for £5.3m in June 2019.
The deal also includes placing 134 vehicles into the notional asset pool created by TfGM as part of the franchising arrangements for Greater Manchester.
The near seven-acre depot was constructed almost 20 years ago and serves bus routes in Bolton and Bury and into the centre of Manchester.
The deal comes after Rotala warned in March 2022 that it might have to sell the Bolton site if Greater Manchester's Bee Network was implemented.
The company launched a legal challenge in the summer of 2021 but the plans spearheaded by Mayor of Greater Manchester Andy Burnham were backed by the courts less than a year later.
www.sharesmagazine.co.uk/news/market/1685615709860010100/rotala-proposes-gbp304-million-bolton-depot-and-related-vehicles-sale