Christchurch bus company Red Bus has been sold, with 63 jobs lost in the process.
Photo: RNZ/ Conan Young
The Christchurch ratepayer owned company's potential sale was first approved by the Christchurch City Council in May.
The council said this afternoon that it is has been sold to Christchurch-based business Ritchies Transport for an undisclosed sum.
Red Bus chief executive Tony King said most of the 63 job losses are casual or fixed-term employees, or those opting for voluntary redundancy.
He said the company was pleased that a Christchurch-based business had bought the urban transport business.
"We believe they will make an excellent and committed owner for the business," King said.
He also praised staff for maintaining the standard of service.
"We are pleased that the majority of staff, some 145, will transfer to Ritchies," King said.
Ritchies managing director Glenn Ritchie described the Red Bus business as "a very good fit".
The sale is due to be completed early next month.