Media playback is unsupported on your device Media caption Ken Grenda: "Look after your staff and they'll look after you"

Australian Ken Grenda may have sold his bus company, but his staff of almost 2,000 are smiling.

Mr Grenda gave cash bonuses totalling A$15m ($16m, £10m) from proceeds of the sale to employees of his 66-year-old Melbourne-based company.

The bonuses, averaging A$8,500, were based on the length of service. Some workers received A$30,000 to A$100,000 each, Australian media reported.

The company was sold to Ventura, another transport company, for A$400m.

"You know we've got employees that stretch over 40 years, so it is a pretty nice thing to do," Mr Grenda's son, Scott, told ABC News.

Mr Grenda, who is also the managing director of the company, said his father was sad about selling the business and wanted to show his gratitude to the staff for their service.

"A business is only as good as its people and our people are fantastic," said the senior Mr Grenda, who has been dubbed the ''best'' and ''most generous'' boss in Australia.

"We have had people here who are second generation, and one fellow in the same job for 52 years.''

The employees were surprised and overwhelmed by the gesture, Australian media reported, with some even calling their banks to ask if there had been a mistake in their statements.

The Herald Sun newspaper reported that all the staff would keep their jobs under the new management.

One bus driver identified only as John told ABC radio that Mr Grenda was ''a generous person and a true gentleman''.