19 March 2012
FIRSTGROUP PLC
("The Group")
Business disposal in UK Bus
Sale of London bus depot
As part of the Group's stated strategy to continue to position our bus division
for the longer term, we are pleased to announce the sale of our Northumberland
Park bus depot in North-East London to Go-Ahead Group plc for a gross
consideration of £14.0m. The depot operates 130 vehicles on 13 routes which,
together with approximately 400 employees, will transfer to Go-Ahead on 30
March.
Commenting Tim O'Toole, Chief Executive said:
"The sale of our Northumberland Park depot marks further progress in our
ongoing programme to pursue selective asset and business disposals as we review
the scope and scale of our business and 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
Stuart Butchers, Group Corporate Communications Manager
Tel: +44 (0) 20 7291 0507 / mobile + 44 (0) 7713 317979
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