Christchurch bus company Red Bus has sold its urban transport business to Ritchies Transport for an undisclosed sum.
In May, the Christchurch City Council approved a potential sale by Red Bus owner Christchurch City Holdings.
Red Bus Chief Executive Tony King says the company is pleased that a Christchurch-based business has bought the urban transport business following a very competitive sale process.
“We believe they will make an excellent and committed owner for the business,” he says.
Mr King has also praised staff for maintaining the standard of service.
“We are pleased that the majority of staff, some 145, will transfer to Ritchies,” he says.
However, 63 jobs will be lost, with most being casual or fixed-term employees or those opting for voluntary redundancy.
Ritchies Managing Director Glenn Ritchie describes the Red Bus business as “a very good fit”.
The sale is due to be completed early next month following route changes in November.