6th Feb 2015 14:52
6 February 2015
Stagecoach Group PlcInterCity East Coast rail franchise
Stagecoach Group plc ("Stagecoach") notes the announcement by the CMA today (6 February 2015) regarding the award of the new InterCity East Coast franchise ("ICEC") to Stagecoach's venture with Virgin, Inter City Railways Limited ("ICR").
The Department for Transport ("DfT") announced the award of the franchise to ICR on 27 November 2014. Stagecoach holds 90% of the share capital of ICR and Virgin holds the remaining 10%.
The CMA is required by law to carry out a "Phase 1" review of all UK rail franchise awards.
Stagecoach notes that the CMA has identified limited issues. The company will study the detail of the CMA's review decision and work constructively with the authority to address the issues raised with a view to running services under the Virgin Trains East Coast brand as planned from 1 March 2015.
ENDS
For further information, please contact:
Stagecoach Group plc www.stagecoachgroup.com
Investors and analysts
Ross Paterson, Finance Director | 01738 442111 |
Bruce Dingwall, Group Financial Controller | 01738 442111 |
Media
Steven Stewart, Director of Corporate Communications | 01738 442111 or 07764 774680 |
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