Page last updated at 09:34 GMT, Tuesday, 21 April 2009 10:34 UK

Jobs safe as bus companies merge

KMP buses
KMP buses in their old colours

Two Gwynedd bus companies have joined forces safeguarding 50 jobs after securing financial backing.

Directors said they began the job of raising finance to join Padarn Bus and KMP (Llanberis) last year, but were held back due to the credit crunch.

New company chairman Arthur Crump said he was proud of the achievement as it had been a hard slog to secure finance.

The new company will be called Padarn Bus Ltd and the buses and coaches will all be painted red.

"I thought it would be a two month job to secure the finance, because there was no mention of a recession when we first began," said Mr Crump.

He said the two bus and coach operators had worked closely for many years, so bringing the two operations together was a "obvious step".

Padarn Bus
Padarn Bus coaches are a familiar sight

He added that as the global financial situation worsened the bank declared a temporary suspension to all lending, which meant alternative funders had to be found.

"Several offers of financial support were made and then withdrawn as the recession became worse, but finally a financial package was put together involving four different sources," he said.

Mr Crump added: "The directors feel that to have been able to finance an acquisition such as this, in the current commercial climate, is an achievement to be proud of."

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