FirstGroup offload three US properties in £100m deal December 31, 2020 Transport outfit FirstGroup have offloaded three properties used by its US bus group, Greyhound, in deals worth £102m. The Aberdeen-based firm confirmed the deal to the stock market this morning. The biggest of the three deals is an agreement to sell Greyhound’s Los Angeles terminal to a subsidiary of property firm Prologis for $88m (£65m). [...]
First Group shares jump as buyers circle US bus operations September 7, 2020 Shares in transport operator First Group popped this morning after reports that a number of buyers were circling its US operations, which were put up for sale in March. By the mid morning, shares in First Group, which runs bus and rail businesses in the UK and US, were up over 15 per cent at [...]
Coronavirus: First Group receives £300m from Bank of England April 24, 2020 Transport operator First Group today announced it had received £300m from the Bank of England to help deal with the financial damage of the coronavirus pandemic. First is currently running its bus services at 40 per cent of normal capacity, although passenger numbers have dropped 90 per cent, the firm said. The company’s rail franchises [...]
First Group begins sale of North American businesses after investor pressure March 11, 2020 Bus operator First Group has today announced that it will sell its North American businesses after a long-running campaign by prominent investors finally paid off. Coast Capital, an activist hedge fund with a 10 per cent stake in the firm, as well as British-Iranian property tycoon Robbie Tchenguiz, have been pressuring First Group to divest [...]
Coast Capital renews attempt to force break-up of bus operator First Group March 9, 2020 Coast Capital has renewed its attempts to engineer a break-up of transport operator First Group, saying it will try to force an emergency general meeting of shareholders unless the group announces a separation. First Group has long been under pressure from several of its investors to separate the company’s North American operations into independent businesses, [...]
First Group shareholder claims victory as firm weighs sale of US arm December 16, 2019 A major First Group shareholder has welcomed the firm’s decision to consider a sale of its US businesses. The transport giant today said it has appointed advisers to review its US school bus and public transit arms, adding that it will “explore all options” a month after a sinking share price pushed two big investors [...]
Virgin Trains manager jumps ship to First Group for west coast main line railway takeover November 26, 2019 First Group has poached the boss of Virgin Trains just in time to take over the west coast main line rail franchise in 12 days’ time. Phil Whittingham, who has been at Virgin since it took control of the country’s most lucrative rail network in 1998, will keep running the line, which connects London to [...]
‘Unforgivable’: Property tycoon Robert Tchenguiz blasts First Group management amid calls for sale of US assets November 18, 2019 Directors at First Group have been branded “immature” by major investor and property tycoon Robert Tchenguiz, as shareholders demanded the struggling transport giant launch a full strategic review and sell off its US businesses. The bus and rail operator is in the process of selling its US coach service Greyhound, but said earlier this year [...]
Watchdog pauses investigation into First Group’s West Coast Rail franchise November 15, 2019 The UK’s competition watchdog has paused its investigation into the decision to award the West Coast Rail franchise to First Group after the company offered to make changes to the deal. The Competition and Markets Authority (CMA) said last week it would escalate its probe into First Group’s joint venture with Trenitalia on the route unless [...]
First Group shares sink as losses widen after Greyhound charge November 14, 2019 First Group’s share price sank today as it fell to a £187m half-year loss as transport charges hobbled the firm while doubts weigh over the future of its West Coast Rail franchise. Read more: CMA flags competition concerns on 21 West Coast Rail franchise routes The figures The transport giant fell to a loss before [...]