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UK bus builder Optare Holdings has agreed to sell its entire issued share capital to Jamesstan Investments, an investment company controlled by Roy Stanley, an entrepreneur from North East England, for an undisclosed sum.

Optare has operated as an independent company in the bus and coach industry since it was purchased from North American Bus Industries, by a management led team in July 2005. Since then it has launched the Versa and Solo SR.

Optare says the change of ownership will continue its independence and provide a platform for further business growth in UK and European markets.

Stanley is also a significant investor in the Tanfield electric vehicles company, and Optare says there are significant opportunities to develop its bus range by offering alternative environmentally friendly propulsion systems. Tempo and Versa hybrid diesel/electric buses are being developed.

Bob Coombes, group managing director, and the rest of the management team, are staying with the company.

Roy Stanley, who becomes chairman, said: “I am committed to the future of bus making in Britain and believe that Optare has an unsurpassed range of buses – all thanks to its own innovative design and based on full, integral construction. This was a rare opportunity to acquire such a dynamic business at a time when it is poised to win even greater success in the competitive UK market and also to win more sales in Europe."