logo
Share SHARE
FONT-SIZE Plus   Neg

FirstGroup Announces Sale Of Wigan Bus Business To Stagecoach

FirstGroup PLC (FGP.L,FGROF.PK) announced the sale of its Wigan bus business to Stagecoach Group plc (SGC.L) for a consideration of 12.0 million pounds. The disposal is part of the Group's stated strategy to reposition its UK Bus division to focus on those areas that offer the greatest potential for growth.

Tim O'Toole, Chief Executive said: "The sale of our Wigan bus business marks continued progress in our programme of selected asset and business disposals as we review the scope and scale of our UK Bus portfolio and reposition it for the longer term. With a clear focus we are working through a detailed plan to recover performance in our UK Bus division and equip the business to achieve sustainable growth and improved returns."

The Wigan operations will become part of Stagecoach Manchester. Stagecoach expects the acquisition to be completed in early December 2012. Stagecoach Group plc said the business being acquired operates commercial bus services and a small number of school contracts, employing approximately 300 people. In the 12 months to 31 March 2012, the business had revenues of 13.2 million pounds, EBITDA of 2.2 million pounds and an operating profit of 1.5 million pounds.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
Follow RTT