Provincial was 100% acquired in 1987 by its 200 employees from its parent company, the state-owned National Bus Co, and renamed People's Provincial Bus Co. Through an ESOP trust, the employees borrowed £580,000 (from Barclays Bank and Unity Trust) to finance 80% of the acquisition cost. The other 20% was financed by each of the employees purchasing preference shares £700 (redeemable after 5 years) and ordinary shares for £50. 

The ESOP trust was managed by seven trustees, of whom three were employees elected by all employees, two represented the two lenders (these two were to step down after five years), one represented the community and one was a professional financial manager.

After the takeover The Financial Times discussed the experience in an article entitled "Workers' drive helps company turn the corner". The newspaper reported that "...the ESOP at People's Provincial seems to have been remarkably successful. Absenteeism has dropped significantly, and internal theft has stopped altogether. Despite a passenger drop of 7% per year, revenues have remained fairly steady. This has been achieved through major cost trimming and some employment attrition. Most importantly... the attitude at People's has changed dramatically. Drivers are now very concerned about the business. They take an interest in delivery schedules and marketing, and have expanded service".

One of the most pleasing aspects of the takeover was the return to the traditional Emerald Green and County Cream livery, complete with garter and scroll. A break from tradition was the use of red wheels. The Peoples Provincial logo was based around that used by NBC in its latter years on a batch of Iveco minibuses.

The early vehicle policy was to purchase second hand Leyland Nationals from various sources to supplement the existing fleet, along with some new minibuses. An exception to this was the solitary Ace Cougar single decker 600 (H600 CTR). At the start it seemed that double deckers were verboten in line with the previous NBC policy, but as time went  on some Bristol VRs from Bristol Omnibus and Western National were introduced. There were also some interesting open toppers in the form of ex Southdown Queen Mary's and ex Bournemouth Atlanteans and Fleetlines. Later in its life People's Provincial purchased some new UVG bodied Dennis Darts

During this period the company expanded its operations into Portsmouth in competition with Portsmouth Transit and provided welcome relief from the Ford Transits in the city. 

As time went on it was decided to upgrade the livery, and the later version of more cream and darker green bands was introduced (a retrograde step in my view).

This chapter of the companies history ended in the late 1990's when the company was taken over by FirstGroup who owns it today. Below are some photos of this era.

One of the Leyland National's acquired by People's Provincial N408 (BYW 418V). Seen here leaving The Hard interchange Portsmouth on 24th March 1994.   

RHT 512S A Bristol VR ex Bristol Omnibus, with unusual dual doored ECW body. I think double deckers looked particularly good in this livery, and it was good to see them back on the streets after the fleet being all single deck for a long time. This scene is the Royal Victoria bus rally at Netley. This event seems to have faded away as it has not taken place since 2001. 

Typical People's Provincial mini bus fare, An Iveco 59.10 (L158 TRV) seen here at Hard Portsmouth. These also suited the livery well . 

Seen in Fareham bus station is ex Western National Bristol VR AFJ 752T.  It is in the later livery of more cream and darker green bands

In the late 1980s People's Provincial entered into an agreement with Fareham-based coach firm Luckett's whereby some of the latter's vehicles were given People's Provincial fleetnames for Private Hire & Contract work. This Plaxton-bodied Bedford YNT, NRV 303Y, is seen here in West Street, Fareham on September 3, 1988. Further Plaxton bodied coaches used under this agreement included TVE 777K, UAR 930M, D149 HML and KHL 600P, plus a VW minibus (GDY 959X).  
Photo: Roy Jetten

More like a camper van than a minibus, this VW LT31D (GDY 959X), with Devon Conversions body, was certainly in keeping with the Provincial tradition for the unusual. It was on loan from Luckett's during 1988, and was photographed at the latter's Wallington premises.   Photo: Bob Gray