Stagecoach Says Virgin Plans Role in East Coast Rail Bid
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Richard Branson’s Virgin Group has settled for a minority role in a joint venture bidding to run Britain’s East Coast rail route, with long-term partner Stagecoach Group Plc taking a controlling stake.
Stagecoach has a 90 percent shareholding in Inter City Railways Ltd., a new entity formed with Virgin to compete for the right to run the line, which link’s London’s Kings Cross station with Edinburgh via Leeds and Newcastle upon Tyne.