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The passing of the Transport Act 1968 saw the formation of the National Bus Company and the merging of the Aldershot and District Traction Company Limited (A&D) and The Thames Valley Traction Company Limited (TV) to form Alder Valley (AV) on 1st January 1972. The company headquarters were established in Reading with the main maintenance centre at Aldershot. In June 1981 however, the decline in services saw the Reading site sold off and concentration of all work at Aldershot. January 1986 saw proposals for privatisation (the break-up of the National Bus Company) with the company split into two AV North and AV South. AV(N) operating as Berks Bucks Bus Co (Beeline) was sold Q Drive in January 1987, AV (S) to Frontsource Ltd in November 1987 who continued to operate as Alder Valley dropping the South until November 1988 when they too sold out to Q Drive. Thus the two companies were reunited. Cash flow problems caused many parts of the company to be sold off and in October 1992 Alder Valley, as an operating name, ceased to exist. Nowadays, the area of operation is shared by Arriva, First, Reading Buses and Stagecoach,.
Initially the combined fleet totalled 664 vehicles, primarily Bristols and Bedfords from TV with AEC and Dennis from A&D. Acute problems with serviceable vehicles in the early/mid 70s saw loans from no few than fifteen operators and numerous second-hand acquisitions from others to the extent that any type of vehicle in any livery was likely to appear in service. The Market Analysis Project (MAP) saw a vast reduction in vehicle requirements with a concentration on Bristol VRs for the double-decker fleet and Leyland Nationals for single-deckers. The mid 80s saw the inevitable influx of minibuses (Whippets).
Fleet numbering saw the entire stock renumbered in blocks, for example 101-200 reserved for Leyland Nationals, 900-999 Bristol VRs, etc.
Various colour schemes were considered before National dark red (officially Ribble Red) was adopted as the livery but following the implementation of NBC policy, Poppy Red was selected but not before Aldershot had purchased Leaf Green! The Whippets would see a return to A&D two-tone green and cream.
To eliminated duplication of service numbers the southern area were changed but the northern area remained largely unaffected until MAP.

| Fleet No | Reg No | In service | Out Service | Original Op | Remarks |
| 201 | HBL 83 | Jan 72 | 1973 | TV 681 | |
| 202 | HBL 84 | Jan 72 | 1973 | TV 682 | |
| 203 | HBL 85 | Jan 72 | 1973 | TV 683 | |
| 204 | HBL 87 | Jan 72 | 1973 | TV 685 | |
| 206 | JCY 996 | Jan 72 | 1973 | UW 1249 | |
| 207 | SHN 728 | Jan 72 | 1972 | UAS BU38 | |
| 208 | HMO 858 | Jan 72 | TV 712 | ||
| 209 | PNN 769 | Jan 72 | MD 200 | ||
| 210 | PHW 930 | Jan 72 | BT 2840 | ||
| 211 | HMO 863 | Jan 72 | TV 717 | ||
| 212 | MAX 116 | Jan 72 | 1974 | R&W U1654 | |
| 213 | MAX 117 | Jan 72 | 1973 | R&W U1754 | |
| 214 | MAX 118 | Jan 72 | 1973 | R&W U1854 | |
| 215 | MAX 119 | Jan 72 | 1974 | R&W U1954 | |
| 216 | MAX 121 | Jan 72 | 1974 | R&W U2154 | |
| 217 | MAX 122 | Jan 72 | R&W U2254 | ||
| 218 | MAX 123 | Jan 72 | R&W U2354 | ||
| 219 | MAX 125 | Jan 72 | 1973 | R&W U2554 | |
| 220 | MAX 126 | Jan 72 | 1973 | R&W U2654 | |
| 221 | MAX 127 | Jan 72 | 1973 | R&W U2754 | |
| 222 | MAX 128 | Jan 72 | R&W U2854 | ||
| 223 | KWN 794 | Jan 72 | UW 1263 | ||
| 224 | KWN 795 | Jan 72 | UW 1264 | ||
| 225 | XNU 415 | Jan 72 | MG 234 | ||
| 226 | XNU 416 | Jan 72 | MG 235 | ||
| 227 | HMO 868 | Jan 72 | TV 722 | ||
| 228 | HMO 870 | Jan 72 | TV 724 | ||
| 229 | 959 ARA | Jan 72 | MG 245 | ||
| 230 | 956 ARA | Jan 72 | MG 242 | ||
| 231 | 957 ARA | Jan 72 | MG 243 | ||
| 232 | 958 ARA | Jan 72 | MG 244 | ||
| 233 | 960 ARA | Jan 72 | MG 246 | ||
| 234 | 964 ARA | Jan 72 | MG 250 | ||
| 235 | 966 ARA | Jan 72 | MG 252 | ||
| 236 | 967 ARA | Jan 72 | MG 253 | ||
| 237 | 961 ARA | Jan 72 | MG 247 | ||
| 238 | 962 ARA | Jan 72 | MG 248 | ||
| 239 | 963 ARA | Jan 72 | MG 249 | ||
| 240 | OCY 947 | Jan 72 | UW 107 | ||
| 241 | OCY 948 | Jan 72 | UW 108 |

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Alder Valley |

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Aldershot |
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Alton |
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Bracknell |
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Guildford |
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Hindhead |
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Maidenhead |
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Newbury |
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Reading |
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Woking |
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Wycombe |
