First Group boss to step down amid growing shareholder pressure July 27, 2021 First Group’s chief executive Matthew Gregory has this morning announced he will leave the company after the firm’s AGM, a day after the company’s biggest shareholder demanded his resignation. The announcement came as the FTSE 250 transport operator announced that its profit had shrunk about a fifth over the last financial year. Gregory’s resignation comes [...]
Coast Capital launches bid to oust First Group boss July 26, 2021 Coast Capital has this morning reignited its ongoing battle with First Group by calling for the resignation of the FTSE 250 firm’s chief executive Matthew Gregory, along with two other board members. The New York-based firm, which owns about 14 per cent of First Group, has been locked in a series of skirmishes with the [...]
Exclusive: First Group ‘snubs passengers’ over complaints, Liberal Democrats say July 13, 2021 The Liberal Democrats have written to the government to complain over rail operator First Group’s handling of customer complaints. Sarah Olney MP, the party’s transport spokesman, said that the FTSE 250 firm’s “track record leaves a lot to be desired”. It comes after new data from the Office of Road and Rail (ORR) showed that [...]
First Group bus sale squeaks through as investors give green light May 27, 2021 Shareholders have this afternoon narrowly approved the sale of First Group’s US operations to Scandinavian fund EQT despite a strident campaign against the deal. At today’s AGM 61.3 per cent of investors backed the $4.6bn (£3.3bn) deal, with 38.7 per cent voting against it. The results means that Coast Capital’s attempts to derail the sale [...]
Coast Capital renews campaign against First Group EQT sale May 24, 2021 Private equity firm Coast Capital has today doubled down on its campaign against the sale of First Group’s two American businesses. The firm says that the $4.6bn (£3.3bn) deal for First Student and First Transit significantly undervalues the businesses. The renewed rebellion comes ahead of Thursday’s crunch general meeting, when investors will vote on the [...]
First Group signs new deals for South Western Railways and Transpennine Express May 20, 2021 First Group has this morning agreed new contracts to continue running South Western Railway and the Transpennine Express. The new deals, the first contracts to be awarded under new plans to reform the UK rail network, will start at the end of May and last for two years. There will be the option to extend [...]
Union steps in as £360m pension row at FirstGroup escalates May 10, 2021 Union Unite has spoken out against FirstGroup’s biggest investor, which wants to see proceeds for a recent sale at First Group given to shareholders, rather than used to plug the company’s pension deficit. FirstGroup recently sold its US division First Bus for £3.3bn to EQT Infrastructure, a year after putting the business up for sale. [...]
FirstGroup strikes £3.3bn deal to sell iconic yellow school buses in US April 23, 2021 Train and bus operator FirstGroup has announced this morning the sale of two of its US divisions for £3.3bn to EQT Infrastructure, a year after putting the businesses up for sale. Bosses at the firm said the cash raised from offloading First Student, the operator of famous yellow US school buses, and First Transit will [...]
Exclusive: TfL took legal advice on cancelling First Group tram contract after fatal Croydon crash January 12, 2021 Transport for London (TfL) was considering cancelling Tram Operations Limited’s (TOL) contract to run the Croydon tram network in the aftermath of 2016’s fatal crash, but concluded it would be too difficult to do so. City A.M. has obtained TfL documents from 2017 showing that the transport operator received legal advice on whether it could [...]
Scandinavian fund EQT join race for First Group’s US businesses January 7, 2021 A Scandinavian fund has joined the bidding for transport operator First Group’s US assets, which are valued at £2.5bn. Sky News reported that EQT Infrastructure made a $3.7bn bid for the First Transit and First Student in the days leading up to Christmas. The fund, which is run by one of Scandinavia’s most powerful equity [...]