24th Jun 2013 09:02
FIRSTGROUP PLC - DisposalFIRSTGROUP PLC - Disposal
PR Newswire
London, June 24
24 June 2013 FIRSTGROUP PLC ("The Group") Disposal in UK Bus Completion of disposal of London bus depots Further to the Group's announcement of 9 April 2013, the necessary regulatoryapprovals have now been received in respect of the sale of our London busoperations. As a result we are pleased to confirm the completion of the sale offive of our London bus depots to Metroline and three to Transit Systems Groupfor a combined consideration of approximately £80m. Commenting, Giles Fearnley, FirstGroup's Managing Director UK Bus, said: "The sale of these operations reflects further progress in our programme toreposition our UK Bus portfolio, recover performance and equip the business toachieve sustainable revenue and patronage growth. Our strategy is to focus onthose areas of the country which offer the greatest potential and, while wehave been a key operator in London for many years, our focus going forward ison the deregulated market outside of the capital. We continue to work closelywith Transport for London to ensure that the transfer to new operators goes assmoothly as possible." Further information, FirstGroup: Rachael Borthwick, Group Corporate Communications Director Tel: +44 7771 945432 / 020 7291 0512 Stuart Butchers, Group Corporate Communications Manager
Tel: +44 7713 317979 / 020 7291 0507
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