History
The GRT Group, as GRT Holdings, was formed as a holding company to effect the purchase of Grampian Regional Transport (GRT), the city bus operator in Aberdeen, Scotland, by its employees. Motivation for the buyout was the 1988 announcement that the Scottish Bus Group was to be privatised, sparking fears that GRT could be acquired by a larger group and asset stripped. The buyout was achieved on 20 January 1989. General Manager Moir Lockhead, together with four others in a management buyout team, took a 51% stake in the new company, with employees gaining 33%, and Aberdeen Asset Management and 3i taking the remaining 16%. At the time GRT comprised a fleet of 200 buses and 500 employees.
Subsequently, the parent company GRT Group was listed on the stock market as GRT Group plc. The group grew by acquisition of some of the other newly privatised bus companies in the UK.
Read more about this topic: GRT Group
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