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Upon being re-tendered, on 30 June 2012 the route passed to ] with ]s.<ref> Epsom Coaches 12 October 2011</ref>
Upon being re-tendered, on 30 June 2012 the route passed to ] with ]s.<ref> Epsom Coaches 12 October 2011</ref>
On 25th April 2020, the route was transferred with routes ] and ] to ].<ref>RATP reorganises and retires London's last Versas '']'' issue 781 April 2020 page 24</ref>
The route is jointly managed by ] and ]. The section between Leatherhead and Dorking is financially supported by the council.<ref>{{Cite web|last=Lyons|first=Mark|date=2017-02-16|title=Go-Ahead gains the 131|url=https://www.keybuses.com/article/go-ahead-gains-131|url-status=live|access-date=2021-07-18|website=Buses Magazine|language=en}}</ref><ref>{{Cite web|date=2017-03-23|title=465 Bus Route Saved|url=http://www.micklehampc.org.uk/community/mickleham-parish-council-7875/news/465-bus-route-saved-10423|url-status=live|access-date=2021-07-18|website=Mickleham Parish Council}}</ref>
The route is jointly managed by ] and ]. The section between Leatherhead and Dorking is financially supported by the council.<ref>{{Cite web|last=Lyons|first=Mark|date=2017-02-16|title=Go-Ahead gains the 131|url=https://www.keybuses.com/article/go-ahead-gains-131|url-status=live|access-date=2021-07-18|website=Buses Magazine|language=en}}</ref><ref>{{Cite web|date=2017-03-23|title=465 Bus Route Saved|url=http://www.micklehampc.org.uk/community/mickleham-parish-council-7875/news/465-bus-route-saved-10423|url-status=live|access-date=2021-07-18|website=Mickleham Parish Council}}</ref>
In May 2006 the route was curtailed at Kingston and replaced by a new, less frequent route 481, despite a protest by a local group to keep the service.
Upon being re-tendered, on 30 June 2007 the route passed to Arriva Guildford & West Surrey. The contract change also saw the route withdrawn from Penrhyn Road in Kingston, due to complaints from residents over the number of buses using the road. The replacement route is via Surbiton Road and Portsmouth Road.
On 3 October 2009, route 465 was included in the sale of Arriva Guildford & West Surrey's Horsham operation to Metrobus. It was the only Transport for London contract to be worked out of the company's Crawley garage.
On 25th April 2020, the route was transferred with routes 406 and 418 to London United.
The route is jointly managed by Transport for London and Surrey County Council. The section between Leatherhead and Dorking is financially supported by the council.