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Star is in reference to the North Star, which was once used by sailors for navigation purposes, and Portsmouth is home to a very deep naval maritime heritage. I will post a photo tomorrow to demonstrate that: I think you might like it. Also, the star emblem forms part of the Portsmouth city crest.
Ever since the Dennis Dart chassis was introduced to the UK, buses that offer a good capacity yet are light-weight in build have been very popular. Big, full-size buses are less popular when buses like this are capable of carrying just as many people but use much less fuel.
So, because they have a light structure and also to save more weight, they have small wheels. Buses like the Dennis Dart, Optare Solo and Optare Versa are other good examples I think because the StreetLite is quite tall it makes the wheels look even smaller!
The entire product is built with weight reduction in mind. Also, smaller wheels mean smaller wheel-arches and therefore more interior space for increased seating capacity.
MAN tried to introduce this solution but they overcome increased tyre wear.
I am not sure if it works the same way outside the UK, but here the very few bus operator buy tyres. The tyres are leased from companies much as Michelin and ATS Euromaster, and are re-groovable. The operators fix tyre costs this way, so it is not such an issue here.