Merger between Xelabus and Velvet falls through

Daily Echo: Bus merger collapses Bus merger collapses

A MERGER between two Hampshire bus companies has collapsed.

As reported by the Daily Echo, a deal had been signed between Black Velvet and Xelabus but the latter had a “change of heart” according to Velvet's boss.

Phil Stockley, managing director of Velvet, said Xelabus had paid compensation to exit the legally binding agreement just one day after making the deal.

He said: “The buyers changed their mind some time after the deal had been signed off and legally agreed. For legal reasons I cannot go into what happened but after further discussions we reached a settlement with them to release them from the contract.

“We will now carry on as normal under my ownership.”

Mr Stockley added he is not looking to sell the company but that the offer from Xelabus was a good deal at the time.

He said: “We were not actively looking to sell before and are not doing so now. The approach was out of the blue and after we looked at what they had to say they made what we felt was a reasonable offer.

“But it was never on our agenda to sell the company and we will now get back to what we are most interested in - providing good quality transport for our customers.”

Philip Blair, who owns Xelabus, confirmed the deal collapsed after a “change of heart” on his part but refused to comment further.

He said: “I'm not prepared to make any comment about the deal. It's quite correct to call it a change of heart but I have no further comment.”

Velvet was founded in November 2007 and is well known throughout the city for its fleet of purple buses.

It runs more than 15 services between Southampton, Eastleigh and Winchester.

Meanwhile Xelabus provides a series of specialist school and shopper services along with five commercial routes in Eastleigh and Chandler's Ford.

Comments (13)

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9:16am Tue 11 Mar 14

Cyber__Fug says...

Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through! Cyber__Fug
  • Score: -8

9:33am Tue 11 Mar 14

Zootopian says...

Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
[quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly. Zootopian
  • Score: 12

9:56am Tue 11 Mar 14

userds5050 says...

Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
[quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then. userds5050
  • Score: -8

10:12am Tue 11 Mar 14

alan.of.eastleigh says...

Xelabus have to be the worst bus company ever. Drivers so rude and have no respect for other road users. So glad the deal fell through.
Xelabus have to be the worst bus company ever. Drivers so rude and have no respect for other road users. So glad the deal fell through. alan.of.eastleigh
  • Score: -6

10:47am Tue 11 Mar 14

Zootopian says...

userds5050 wrote:
Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation.

If the deal hadn't gone through, they wouldn't have needed to do that.

It's all there in black and white above, plain as day.
[quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then.[/p][/quote]But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation. If the deal hadn't gone through, they wouldn't have needed to do that. It's all there in black and white above, plain as day. Zootopian
  • Score: 11

11:04am Tue 11 Mar 14

likewatchingbrazil says...

probably both late for the meeting
probably both late for the meeting likewatchingbrazil
  • Score: 6

12:06pm Tue 11 Mar 14

Mr Gooddy says...

Perhaps there were terms in the deal that enabled Xelabus withdraw at short notice. The question should be asked to Mr Stockley why sell his company in the first place? Certainly all does not appear as stable as Mr Stockley makes out at Velvet. Continual staff shortages and vehicle unavailability continue to litter his website update regarding non running services.
Perhaps there were terms in the deal that enabled Xelabus withdraw at short notice. The question should be asked to Mr Stockley why sell his company in the first place? Certainly all does not appear as stable as Mr Stockley makes out at Velvet. Continual staff shortages and vehicle unavailability continue to litter his website update regarding non running services. Mr Gooddy
  • Score: 1

12:09pm Tue 11 Mar 14

userds5050 says...

Zootopian wrote:
userds5050 wrote:
Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation.

If the deal hadn't gone through, they wouldn't have needed to do that.

It's all there in black and white above, plain as day.
So Xelabus own Black Velvet now then?
They agreed a deal which they later reneged on, hence the compensation.
If the deal had gone through they'd own the company.
[quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then.[/p][/quote]But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation. If the deal hadn't gone through, they wouldn't have needed to do that. It's all there in black and white above, plain as day.[/p][/quote]So Xelabus own Black Velvet now then? They agreed a deal which they later reneged on, hence the compensation. If the deal had gone through they'd own the company. userds5050
  • Score: -3

4:40pm Tue 11 Mar 14

andysaints007 says...

userds5050 wrote:
Zootopian wrote:
userds5050 wrote:
Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation.

If the deal hadn't gone through, they wouldn't have needed to do that.

It's all there in black and white above, plain as day.
So Xelabus own Black Velvet now then?
They agreed a deal which they later reneged on, hence the compensation.
If the deal had gone through they'd own the company.
userds = pr*ck
[quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then.[/p][/quote]But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation. If the deal hadn't gone through, they wouldn't have needed to do that. It's all there in black and white above, plain as day.[/p][/quote]So Xelabus own Black Velvet now then? They agreed a deal which they later reneged on, hence the compensation. If the deal had gone through they'd own the company.[/p][/quote]userds = pr*ck andysaints007
  • Score: -2

5:55pm Tue 11 Mar 14

userds5050 says...

andysaints007 wrote:
userds5050 wrote:
Zootopian wrote:
userds5050 wrote:
Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation.

If the deal hadn't gone through, they wouldn't have needed to do that.

It's all there in black and white above, plain as day.
So Xelabus own Black Velvet now then?
They agreed a deal which they later reneged on, hence the compensation.
If the deal had gone through they'd own the company.
userds = pr*ck
No I'm not.
[quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then.[/p][/quote]But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation. If the deal hadn't gone through, they wouldn't have needed to do that. It's all there in black and white above, plain as day.[/p][/quote]So Xelabus own Black Velvet now then? They agreed a deal which they later reneged on, hence the compensation. If the deal had gone through they'd own the company.[/p][/quote]userds = pr*ck[/p][/quote]No I'm not. userds5050
  • Score: 0

9:46am Wed 12 Mar 14

Zootopian says...

userds5050 wrote:
Zootopian wrote:
userds5050 wrote:
Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation.

If the deal hadn't gone through, they wouldn't have needed to do that.

It's all there in black and white above, plain as day.
So Xelabus own Black Velvet now then?
They agreed a deal which they later reneged on, hence the compensation.
If the deal had gone through they'd own the company.
You appear to have an understanding shortfall in how the world works - it's not all black and white, this or that.

Deal signed and agreed = deal done.

Compensation paid to get out of deal = deal needed to be undone.

If it didn't go through, they would have just been able to walk away without paying compensation.

It really isn't that difficult to grasp.
[quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then.[/p][/quote]But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation. If the deal hadn't gone through, they wouldn't have needed to do that. It's all there in black and white above, plain as day.[/p][/quote]So Xelabus own Black Velvet now then? They agreed a deal which they later reneged on, hence the compensation. If the deal had gone through they'd own the company.[/p][/quote]You appear to have an understanding shortfall in how the world works - it's not all black and white, this or that. Deal signed and agreed = deal done. Compensation paid to get out of deal = deal needed to be undone. If it didn't go through, they would have just been able to walk away without paying compensation. It really isn't that difficult to grasp. Zootopian
  • Score: 3

9:35pm Wed 12 Mar 14

userds5050 says...

Zootopian wrote:
userds5050 wrote:
Zootopian wrote:
userds5050 wrote:
Zootopian wrote:
Cyber__Fug wrote:
Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through!
But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.
Er, it didn't go through then.
But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation.

If the deal hadn't gone through, they wouldn't have needed to do that.

It's all there in black and white above, plain as day.
So Xelabus own Black Velvet now then?
They agreed a deal which they later reneged on, hence the compensation.
If the deal had gone through they'd own the company.
You appear to have an understanding shortfall in how the world works - it's not all black and white, this or that.

Deal signed and agreed = deal done.

Compensation paid to get out of deal = deal needed to be undone.

If it didn't go through, they would have just been able to walk away without paying compensation.

It really isn't that difficult to grasp.
You can be as pedantic as you want.
A deal had been agreed, signed, deal done ect...
but the deal is not COMPLETED until money has changed hands.
You agree a deal to buy a house. You pay a deposit. You don't own the house until you pay for it. You don't pay for it, you lose your deposit.
It reallly isn't that difficult to understand.
[quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]userds5050[/bold] wrote: [quote][p][bold]Zootopian[/bold] wrote: [quote][p][bold]Cyber__Fug[/bold] wrote: Isn't it funny that the Echo..... with their cutting edge journalists ...... manage to get the story right AFTER posters on here said that this didn't go through![/p][/quote]But the deal DID go through. It was signed and sealed until it was reneged on and compensation paid - it just so happens it was reneged on very quickly.[/p][/quote]Er, it didn't go through then.[/p][/quote]But it did - it was all agreed. In order to go back and "undo" the deal Xelabus have had to pay compensation. If the deal hadn't gone through, they wouldn't have needed to do that. It's all there in black and white above, plain as day.[/p][/quote]So Xelabus own Black Velvet now then? They agreed a deal which they later reneged on, hence the compensation. If the deal had gone through they'd own the company.[/p][/quote]You appear to have an understanding shortfall in how the world works - it's not all black and white, this or that. Deal signed and agreed = deal done. Compensation paid to get out of deal = deal needed to be undone. If it didn't go through, they would have just been able to walk away without paying compensation. It really isn't that difficult to grasp.[/p][/quote]You can be as pedantic as you want. A deal had been agreed, signed, deal done ect... but the deal is not COMPLETED until money has changed hands. You agree a deal to buy a house. You pay a deposit. You don't own the house until you pay for it. You don't pay for it, you lose your deposit. It reallly isn't that difficult to understand. userds5050
  • Score: 2

10:13pm Wed 12 Mar 14

Mary80 says...

So he wasn't looking to sell in the first place? Why agree to the deal then
So he wasn't looking to sell in the first place? Why agree to the deal then Mary80
  • Score: 0

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