STONESTREETS COACHES SOLD
Stonestreets Coaches changes hands after 25 years in business
DIRECTORS of longstanding Toowoomba bus company Stonestreets Coaches have announced the sale of the coaches division of the business to privately owned company Premier Transport Group.
Stonestreets Coaches will officially transfer to Premier Transport Group this week.
‘‘ WE ARE EXCITED TO ADD SUCH A PROFESSIONAL OPERATION WITH A GREAT FUTURE, TO OUR GROUP.”
The sale will include depots at Toowoomba, Ipswich and Dalby and the bulk of the current bus fleet.
A key component of the transaction is that the current management structure, and all existing staff, will be transferred to the Premier Group.
A sale price has not been disclosed by Stonestreets.
The travel division of the company will continue to operate under the ownership and control of the Stonestreets family.
Premier Transport Group operates a range of services beand tween northern New South Wales and North Queensland and is renowned as a successful family-owned business with a strong customer focus and ongoing involvement in community and industry groups.
Stonestreets managing director Phil Stonestreet said it meant a great deal to himself and fellow director Bev Mules that they were able to “transition the ownership of our business to a group that so closely aligns with our company structure and values”.
Stonestreets Coaches commenced operations in Toowoomba 25 years ago and through strategic acquisitions large-scale contracts grew to a fleet of 300 vehicles at its peak.
The company currently holds 26 Department of Transport and Main Roads school bus contracts as well as private school and resource sector contracts and operates significant charter services.
Mrs Mules’ daughter Michelle Mules is employed in a senior role as operations manager with the company, a role she will continue to hold under the new ownership.
Mr Stonestreet said while the sale was a difficult decision for the family, “the commitment from the Premier Group to continue to employ the full complement of our staff, and retain Michelle to lead the local depots, was a critical factor in our decision”.
Premier Transport Group managing director John King said his company was delighted to welcome Stonestreets’ operations into the Premier Group.
“I have known the Stonestreets for over 30 years, and the bond with the Stonestreets family that started then stands strong today. We are excited to add such a professional operation with a great future, to our group,” he said.
Mr Stonestreet and Mrs Mules and their families will remain in Toowoomba and continue to operate the remaining division of their business, Stonestreets Travel, from its current premises in Warwick St.
PREMIER TRANSPORT GROUP MANAGING DIRECTOR JOHN KING