Adam Smith, who has many years of experience in the bus industry, has completed a deal to take over Black Velvet Travel. The announcement came two weeks after he stepped in to run services on an interim basis after seeing news of the Eastleigh-based independent bus firm ceasing operation after running into financial difficulty.
Under the new ownership, the Black Velvet Travel name will remain in place and will continue to operate routes A, S1, S2, B4, M and 503.
The sale has been arranged by specialists from accountancy firm Chantrey Vellacott.
Terry Evans, restructuring specialist at Chantrey Vellacott, said the deal has secured the long-term future of bus services across the community and is in the best interests of creditors and stakeholders.
“We’re delighted a deal has been completed – safeguarding the longterm future of Velvet buses, its bus services in the community, along with jobs,” he said.