PREMIER TRANS­PORT BUYS STONESTREE­TS

ABC (Australia) - - NEWS -

CON­FIRM­ING months of in­dus­try ru­mours and con­jec­ture, Queens­land-based Stonestree­ts bus com­pany has been sold – ex­clud­ing its travel com­po­nent – to NSW south coast-based Premier Trans­port Group, lo­cal Toowoom­baarea me­dia con­firm.

At the time of print, an of­fi­cial price for the deal had yet to be dis­closed, but re­ports that Stonestree­ts cur­rently holds 26 Depart­ment of Trans­port and Main Roads school bus con­tracts, as well as pri­vate school and re­source sec­tor con­tracts, plus op­er­ates sig­nif­i­cant char­ter ser­vices means the trans­ac­tion is seen by many undis­closed sources within the Aus­tralian bus in­dus­try as a mas­sive strate­gic boon for the Premier Trans­port Group.

A rare online auc­tion tar­get­ing sport­ing teams and fea­tur­ing buses be­lieved to be ex-Stonestree­ts fleet a few months ago gave rise to in­dus­try in­sid­ers as­sess­ing that Stonestree­ts was about to close for good, ABC mag­a­zine can now con­firm, but it seems a sale was the higher prob­a­bil­ity out­come all along.

Ac­cord­ing to The Chron­i­cle news­pa­per

– a re­gional daily fo­cussed on Toowoomba, the Lockyer Val­ley and Dar­ling Downs in Queens­land – its re­cent re­port states: “A key com­po­nent of the trans­ac­tion is that the cur­rent [Stonestree­ts] man­age­ment struc­ture, and all ex­ist­ing staff, will be trans­ferred to the Premier Group.”

Also that: “The travel di­vi­sion of the com­pany will con­tinue to op­er­ate un­der the own­er­ship and con­trol of the Stonestree­ts fam­ily.”

In terms of the as­sets in­volved, it states the sale in­cludes Stonestree­ts’ Toowoomba, Ip­swich and Dalby bus de­pots and the ma­jor­ity of the bus and coach fleet.

Stonestree­ts man­ag­ing di­rec­tor Phil Ston­estreet is quoted as stat­ing 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”.

“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,” the pub­li­ca­tion states.

It con­tin­ues: “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’.

FAM­ILY BUSI­NESS SYM­ME­TRY

Premier Trans­port Group man­ag­ing di­rec­tor John King – who is a coun­try rep­re­sen­ta­tive of the BusNSW Board of Man­age­ment as well as its cur­rent pres­i­dent – is also quoted in The Chron­i­cle as stat­ing his com­pany was de­lighted to wel­come Stonestree­ts’ op­er­a­tions into the Premier Group.

As it ex­plains, Premier Trans­port group op­er­ates a range of ser­vices between north­ern NSW 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”.

ABOUT STONESTREE­TS

Stonestree­ts Coaches was founded by Keith Ston­estreet in Toowoomba, Queens­land, in the early 1990s, af­ter pur­chas­ing Cen­te­nary Heights and Mid­dle Ridge Bus Ser­vice, run­ning a reg­u­lar town ser­vice and school runs.

The Toowoomba com­pany ex­panded

“The travel di­vi­sion of the com­pany will con­tinue to op­er­ate un­der the own­er­ship and con­trol of the Stonestree­ts fam­ily.”

quickly to in­clude ad­di­tional lo­cal school runs, plus other school runs in Roma and Dalby.

Through­out the past 15 years, cur­rent di­rec­tors Phil Ston­estreet (Keith’s son) and Bev Mules fur­ther ex­panded the com­pany to in­clude: per­ma­nent de­pots in Ip­swich, Roma and Gladstone; a large HQ in Toowoomb; project and char­ter bus ser­vices; plus a for­mi­da­ble travel di­vi­sion.

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