LABOUR leaders in Burnley have put the brakes on get-together talks with private companies hoping to snap up a local bus company.

The group say they are not prepared to meet any potential bidder for Burnley and Pendle Transport company, jointly owned by the two councils.

Liberal-controlled Pendle say they may sell their 50 per cent stake, even if Burnley are not prepared to come in on the deal.

But last night Burnley bosses re-iterated their complete opposition to a sell-off and will continue to back the local busmen's campaign to keep the profit-making company in public ownership.

Council leader Kath Reade said Pendle had asked Burnley to join in talks with the highest bidder.

"There is no question of our meeting any private company and there will be no further consideration by the council of the sale issue unless Pendle decide to sell."

She added: "Our primary aim is to safeguard services and jobs." Burnley town hall managers are urging the council to join Pendle in a sale.

They say a 50 per cent holding by a private company could considerably reduce the value of Burnley's stake.

On the other hand, were Burnley to hang on in, they could control or defeat any cost-saving cut-backs proposed by a private partner.

Pendle say they have received five preliminary bids for the company - valued at up to £4 million - four of which could be acceptable.

The firms have indicated they are willing to share ownership with Burnley, but the knowledge that their council partner would be totally hostile to any service or jobs cuts could have a major impact on their interest and offer price.

It is also argued that if a private company with a 50 per cent share comes in and makes Burnley and Pendle buses more profitable, Burnley would benefit, collecting higher annual dividend payouts.

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