National Express in talks to buy rival Stagecoach

National Express is in talks to buy Stagecoach, the UK’s largest bus operator, in an all-share deal to create a business with a fleet of 36,000 buses and coaches. Read more: National Express in talks to buy rival Stagecoach

National Express in talks to buy rival Stagecoach

National Express is in talks to buy Stagecoach, the UK’s largest bus operator, in an all-share deal to create a business with a fleet of 36,000 buses and coaches.

Stagecoach shareholders would receive 0.36 new National Express shares for each Stagecoach share they own, handing them 25% of the combined group.

That would value Stagecoach at about £445m, representing an 18% premium on the closing price of the Perth-based company’s shares on Monday.

Stagecoach has a fleet of 8,400 buses and coaches serving 1 billion passengers a year. It is UK-focused and operates mainly in Scotland, Greater Manchester, Sheffield and Greater London.

National Express has a bigger coach operation than Stagecoach and has an overall fleet of 28,000 vehicles, operating across the UK and in Spain, and runs school buses in the US. Stagecoach sold its North American division for £214m in 2018 to focus more on the UK.

The boards of both companies believe that the combined business would have “significant growth and cost synergies”. National Express could use Stagecoach’s depot network to run and maintain its coach operations. The deal would speed up the expansion of National Express’s growth businesses such as private hire coach, corporate shuttle and accessible transport.

The National Express chief executive, José Ignacio Garat, would become chief executive of the new group, while the Stagecoach chairman, Ray O’Toole, who was chief operating officer of National Express until 2010, would chair the business.

Stagecoach’s founders, the Scottish businessman Sir Brian Souter and his sister Dame Ann Gloag, and their families still own about a quarter of the business, but started selling down their holdings in April.

Stagecoach pulled out of the UK rail market two years ago after being disqualified from bidding for three concessions in a row with the Department for Transport over pension liabilities, including the West Coast route it had operated with Virgin Trains.

Read more:
National Express in talks to buy rival Stagecoach

Source : Business Matters More   

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Zero hours contract template

By Anna Jordan on Small Business - Advice and Ideas for UK Small Businesses and SMEs In this article, we'll give you a run through of what you should be including in your zero hours contract template The post Zero hours contract template appeared first on Small Business.

Zero hours contract template

By Anna Jordan on Small Business - Advice and Ideas for UK Small Businesses and SMEs

Setting out a zero hours contract template can be more complicated than a standard employment contract.

>See also: Zero hours contracts advantages and disadvantages

You must clearly state that it’s a zero hours job and the contract should clearly outline their status and rights. How it operates and what the termination process looks like.

Note that, as of April 6, the right to written terms and conditions extends to workers – this includes zero hours workers. Employers must include terms relating to hours and days of work and how those may be varied.  

>See also: Zero hours contract rights

Below are some areas to focus on and some example phrases that you might want to use when drafting your own zero hours contracts. It’s a wise idea to seek additional advice from an employment lawyer. For more on creating general employment contracts, check out What should you include in an employment contract?

Type of work

This is where you state what kind of contract the person is on – in this case, whether they’re a zero hours worker or a zero hours employee.

Try: The Business is delighted to welcome you as a zero-hours worker/employee. Under this type of employment, you are entitled to a number of rights including protection from discrimination, rest breaks and the national minimum wage.  

Status of agreement

A status of agreement is where you set out the intent and what you’ve discussed prior to signing the contract.

Try: This contract will set out the necessary terms agreed between you and the Business as to how and when you will carry out your work.  

How work will be carried out

In this section you’ll go over the place of work, who you report to and how you’ll be notified of shifts.

Try: Your normal place of work will be [place of work] or we may owe you work at various destinations. The locations will be within [a specified range].

You will be paid [£x] per hour for the hours you work, minus tax and national insurance deductions.

You will be paid [monthly or weekly] on or around [specified time frame]. Payments will go directly into your nominated bank account.

You will be entitled to the following benefits: [List benefits available]

For every [x hours worked], you’ll be entitled to a break of [x hours/x minutes].

You will report to [manager’s name] when you come to work or if any issues arise.

We’ll normally notify [type of worker] with shifts [mode of contact/process]. We may vary these from time to time. If you are unable to do a shift, contact [manager’s name] as soon as possible. If we must cancel one of your shifts, we’ll let you know as soon as possible. We have the right to terminate shifts for reasons pertaining to the business.        

Holidays

This is as it sounds – holiday entitlement and pay.

Try: Your holiday entitlement will be equivalent to 12.07 per cent of the hours you work in each holiday year. We calculate this on a pro-rata basis, depending on the number of hours worked.

The holiday year will run between [x date and x date] each year inclusive.

At the end of each year, [name of your business] will pay you in lieu of any holiday accrued for the holiday year in which the assignment ends. The amount of the payment in lieu will be calculated on the basis of:

  • 12.07 per cent of the hours that you worked in the relevant holiday year
  • Minus any hours of holiday that you have taken in that holiday year
  • Multiplied by the average hourly rate payable over the last 12 weeks in which you earned pay from us

Absence due to illness

Again, an obvious one. It goes over what sick pay they’re entitled to and which hours/shifts it applies to.

Try: If you meet the legal conditions, you are entitled to Statutory Sick Pay (SSP) for the period of sickness for your agreed hours.

Termination and changes to contract terms

This section stipulates what happens if either of you want to terminate the contract and if there is a notice period involved.

Try: If you no longer wish to work with us, please inform [specified person] and we’ll terminate your contract [with immediate effect or with specified notice period]

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Zero hours contract redundancy

The post Zero hours contract template appeared first on Small Business.

Source : UK Small Businesses More   

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