12 March 2012
FIRSTGROUP PLC ("The Group")
Business disposal in UK Bus
Agreement to sell North Devon bus operations
As part of the Group's stated strategy to continue to position our bus division
for the longer term, we are pleased to announce that we have signed an
agreement to sell, subject to clearance by the Office of Fair Trading, our
North Devon bus operations to Stagecoach Devon Limited, a subsidiary of
Stagecoach Group plc, for a gross consideration of £2.8m. Included within the
sale will be approximately 30 vehicles which operate on ten routes in North
Devon, together with around 100 employees and our depot facility in Barnstaple.
Commenting Tim O'Toole, Chief Executive said:
"The sale of our North Devon operations marks a further step in our ongoing
programme to pursue selective asset and business disposals as part of our
strategy to review the scope and scale of our business as we position our UK
Bus division for the longer term. We remain focused on developing the
opportunities that exist to transition to increased growth within our networks
through targeted investment in staff, systems, new vehicles and technology
while retaining our strong cost discipline."
Contacts FirstGroup plc:
Rachael Borthwick, Group Corporate Communications Director
Tel: +44 (0) 20 7291 0508 / mobile + 44 (0) 7771 945432
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