24 June 2013 FIRSTGROUP PLC ("The Group") Disposal in UK Bus Completion of disposal of London bus depots Further to the Group's announcement of 9 April 2013, the necessary regulatory approvals have now been received in respect of the sale of our London bus operations. As a result we are pleased to confirm the completion of the sale of five of our London bus depots to Metroline and three to Transit Systems Group for a combined consideration of approximately £80m. Commenting, Giles Fearnley, FirstGroup's Managing Director UK Bus, said: "The sale of these operations reflects further progress in our programme to reposition our UK Bus portfolio, recover performance and equip the business to achieve sustainable revenue and patronage growth. Our strategy is to focus on those areas of the country which offer the greatest potential and, while we have been a key operator in London for many years, our focus going forward is on the deregulated market outside of the capital. We continue to work closely with Transport for London to ensure that the transfer to new operators goes as smoothly as possible." Further information, FirstGroup: Rachael Borthwick, Group Corporate Communications Director Tel: +44 7771 945432 / 020 7291 0512 Stuart Butchers, Group Corporate Communications Manager Tel: +44 7713 317979 / 020 7291 0507 END -0- Jun/24/2013 08:02 GMT
FIRSTGROUP PLC: Disposal
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