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FirstGroup Agrees With DfT To Continue Operating GWR Services

FirstGroup plc (FGROY.PK,FGROF.PK,FGP.L) announced signing of a Direct Award with the Department for Transport or DfT to continue operating Great Western Railway or GWR services from April 1, 2020, when the Direct Award under which services are currently being operated comes to an end.

The agreement runs until March 31, 2023, with a possible extension of up to one further year at the DfT's discretion. The agreement ensures continuity of operation and would run concurrently with the DfT's previously announced Emergency Measures Agreement for at least the first six months.

As parent company to GWR, FirstGroup, would provide subordinated contingent loan facilities of £10 million, £5 million of which is bonded, and a performance bond of £10 million to GWR, as well as a cash-collateralised season ticket bond of about £35 million.

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