14th Jan 2005 09:00
Stagecoach Group PLC14 January 2005 14 January 2005 WEST COAST MAIN LINE RAIL FRANCHISE NEGOTIATIONS Stagecoach Group plc announces that Virgin Rail Group ("VRG") has agreed withthe Strategic Rail Authority ("SRA") that a further period of time is requiredto assess revenue, passenger and operational data as part of its negotiationsregarding the West Coast Trains rail franchise. VRG and the SRA have agreed to allow a full year's impact of the new 125mph WestCoast timetable to be assessed up to September 2005, which will assistnegotiations over a new franchise agreement. In the meantime, VRG will continue to operate the West Coast franchise under theterms of the Letter Agreement signed in July 2002 and is committed to workingwith all other stakeholders to further improve services to passengers. Both VRG and the SRA believe that this sensible and constructive approach willfacilitate their discussions as they seek to reach a new franchise agreementwhich is sustainable and in the long-term interests of passengers, taxpayers andshareholders. ENDSNOTES TO EDITORS Stagecoach Group has a 49% shareholding in Virgin Rail Group. The Letter Agreement of July 2002 between the SRA and VRG followed the failureof Railtrack to deliver the upgrade of the West Coast Main Line. Under theLetter Agreement, VRG operates the West Coast franchise on the basis of anannual budget set by the SRA until a new long-term commercial franchise isagreed. Enquiries: Stagecoach GroupMartin Griffiths, Group Finance Director 01738 442111Steve Stewart, Head of Media and Public Affairs 01738 442111 Smithfield John Kiely 020 7360 4900 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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