Business Disposal in UK Bus

19th Mar 2012 11:00

19 March 2012 FIRSTGROUP PLC ("The Group") Business disposal in UK Bus Sale of London bus depot

As part of the Group's stated strategy to continue to position our bus division for the longer term, we are pleased to announce the sale of our Northumberland Park bus depot in North-East London to Go-Ahead Group plc for a gross consideration of £14.0m. The depot operates 130 vehicles on 13 routes which, together with approximately 400 employees, will transfer to Go-Ahead on 30 March.

Commenting Tim O'Toole, Chief Executive said:

"The sale of our Northumberland Park depot marks further progress in our ongoing programme to pursue selective asset and business disposals as we review the scope and scale of our business and position our UK Bus division for the longer term. We remain focused on developing the opportunities that exist to transition to increased growth within our networks through targeted investment in staff, systems, new vehicles and technology while retaining our strong cost discipline."

Contacts FirstGroup plc:

Rachael Borthwick, Group Corporate Communications Director

Tel: +44 (0) 20 7291 0508 / mobile + 44 (0) 7771 945432

Stuart Butchers, Group Corporate Communications Manager

Tel: +44 (0) 20 7291 0507 / mobile + 44 (0) 7713 317979

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