A BUS company has been sold to its employees in what is believed to be a first in the sector.

Eastern Transport Holdings, the parent company of Stephensons of Essex and Nibs Buses, which operates in Essex, Suffolk and Cambridgeshire, has been sold to an Employee Ownership Trust.

The company serves almost four million passengers annually, running around 140 buses, with Nibs Buses running 19 services across the Basildon borough and Stephensons operating across Southend and Rochford.

The Employee Ownership Trust model, sometimes referred to as the John Lewis model, means all shares are held in trust for the employees, giving them a stake in the company without personal risk or expense.

The structure is believed to be the only one of its kind in the bus sector in England.

Bill Hiron, the former sole shareholder, and now chairman, said: “Our company has grown from 10 vehicles and a turnover of a few hundred thousand pounds, on the basis of continued investment in both new and modern second-hand vehicles, and a reputation for high standards of service.

“That has been achieved by the hard work and enthusiasm of everyone here – from cleaners and drivers, engineers and supervisors, to managers – so it seems entirely appropriate that the team should be given the opportunity of taking the company to its next stage of development.”

The business, employing around 200 staff with an annual turnover of around £16 million, was founded in 1972 and has expanded considerably over the years, including the purchase of Nelsons Independent Bus Service – also known as Nibs Buses – in 2018.

The management team will remain unchanged, with Dean Robbie as managing director.

Mr Robbie said: “We already benefit from being locally owned and managed, with short lines of communication and a lean management structure, but we anticipate that the prospect of working for an employee-owned company will set us above others in the area in our ability to retain and attract high-quality staff, enabling further expansion in the future.

“This is a hugely exciting development for all of the team here, and I feel privileged to be at the helm as we evolve into this next phase of our existence.”