First Group: General Discussion

[lemonic]

But it's no different to much of the rest of the country. Some places have flat fares, which is fair enough, but most other operators would be expected to charge a similar amount. In the modern era, £3 seems reasonable for a journey of about five miles; whilst the journey you mention is shorter than this, there are three issues that you have not mentioned:

(1) The top of Whiteladies Road is (I believe anyway; I may be wrong) just outside the Central Zone for ticketing purposes, meaning a slightly shorter journey along there should cost less
(2) The journey does take anything up to half an hour subject to City Centre traffic volumes
(3) This is only one example of such a fare...

However, I can tell you that the Zonal system *is* under review. What it also means is that a journey from Temple Meads to somewhere like Bradley Stoke shouldn't cost much more than the price you've quoted.

I doubt that a single from Bradley Stoke does cost a lot more considering a FirstDay ticket is £4. I am prepared to believe that singles to the outskirts of Bristol are not much more than £2.90 and in these cases, I wouldn't complain about their value for money. But for journeys that are 2-3 miles (definitely not 5 miles by the quickest route on foot) then £2.90 is bad value for money IMO.

I don't know how First price their tickets, but maybe an extra 'zone' of pricing needs to be introduced for journeys like the ones I have mentioned.

If First made their prices transparent then I could compare the price based on different journeys in Bristol, but of course I can't... (Not that First are the only company to do this)

My local bus company is Keighley and District who are generally regarded to have reasonable prices (certainly comapred with their sister companies Burnley and Pendle and Lancashire United).

For a 3.6 mile journey from my house to Sutton in Craven they charge £3.20 single.

An off-peak day ticket valid anywhere on their services is £3.80.

Your £2.90 single may be high, but it's not atypical - if you regard these prices as high in Bristol they're high in much of the country.

Ipswich Buses have a maximum single fare of £1.80 for any journey within the town which is roughly up to around 3 miles.

In Swindon there is a maximum single fare of £1.80 for journeys that appear to be up to around 5 miles.

A single on Wessex Red in Bristol is £1.67 on a smartcard or £2 paper ticket.

These are just examples of buses I have used in the last few weeks, which I think are reasonably priced. As well as being reasonably priced, the prices are transparent and publicly available on the internet which is something I also like.

 

[34D]

On First Leeds, a 9 mile journey (and also a 3 mile) is £2.30 single, or a day tickey £3.80. A 'short hop' journey is £1 single. This would be up to say 2 miles.

 

[winston270twm]

A number of Rumours are circulating that the sale of Firsts London operation is imminent, possibly to more than one buyer.

The latest Routeone has an article on Tim O'Toole's perception on the London bus model which isn't overly complementary

http://www.route-one.net/issues/481/index.html#/8/

 

[Deerfold]

The latest Routeone has an article on Tim O'Toole's perception on the London bus model which isn't overly complementary

http://www.route-one.net/issues/481/index.html#/8/

Hmm.

The policy of keeping fares down and increasing the frequency of buses was dealt with by throwing money at them.

Keeping buses at sensible distances and on time if low frequency was done by introducing contracts where bus companies receive less money for providing a lower quality service. Can't see why the CEO of First would have a problem with that.

 

[winston270twm]

Hmm.

The policy of keeping fares down and increasing the frequency of buses was dealt with by throwing money at them.

Keeping buses at sensible distances and on time if low frequency was done by introducing contracts where bus companies receive less money for providing a lower quality service. Can't see why the CEO of First would have a problem with that.

From a bus operators point of view though, profit margins aren't as generous as in a deregulated market, contracts generally only last for 5 years, some get a two year extension. Plus new buses are generally required for all new contracts but then could be surplus after only 5 years of service if the contract is lost to another operator, you then have the problem of the London spec not being suitable for operations in other areas of the UK / cost of conversion etc, hence many operators now opting to lease buses for London work rather than buying.

 

[radamfi]

Route One is an industry magazine, representing the interests of the bus industry, and therefore is pro-deregulation.

It is not news that in order to have a decent bus service you need proper funding. I fear that Quality Contracts, if they ever happen, will be discredited because they will be starved of investment.

 

[Ivo]

I don't know how First price their tickets, but maybe an extra 'zone' of pricing needs to be introduced for journeys like the ones I have mentioned.

I'll mention this to them and see what they think...

Ipswich Buses have a maximum single fare of £1.80 for any journey within the town which is roughly up to around 3 miles.

In Swindon there is a maximum single fare of £1.80 for journeys that appear to be up to around 5 miles.

You have to make sure you're comparing like-with-like. Both Ipswich Buses and Thamesdown are municipal operators and therefore likely to have unusually low fares. I believe they also have flat fare systems, meaning that unusually short journeys (from a Bristol perspective, think Temple Meads to Broadmead) they may well be more expensive.

Otherwise though, these operators are cheaper.

A single on Wessex Red in Bristol is £1.67 on a smartcard or £2 paper ticket.

You travel with Wessex? hock: Worst operator I have ever travelled with on more than about five occasions. Although I have to say that the red lot in Bristol don't seem to be quite as bad as their blue counterparts just down the road in Bath...

 

[radamfi]

You travel with Wessex? hock: Worst operator I have ever travelled with on more than about five occasions. Although I have to say that the red lot in Bristol don't seem to be quite as bad as their blue counterparts just down the road in Bath...

Is your view shared by your fellow inhabitants of Bath, particularly students? From what I understand, the university and Student Union were desperate for another company to compete against First to provide lower fares.

 

[SF-02]

I doubt that a single from Bradley Stoke does cost a lot more considering a FirstDay ticket is £4. I am prepared to believe that singles to the outskirts of Bristol are not much more than £2.90 and in these cases, I wouldn't complain about their value for money. But for journeys that are 2-3 miles (definitely not 5 miles by the quickest route on foot) then £2.90 is bad value for money IMO.

I don't know how First price their tickets, but maybe an extra 'zone' of pricing needs to be introduced for journeys like the ones I have mentioned.

If First made their prices transparent then I could compare the price based on different journeys in Bristol, but of course I can't... (Not that First are the only company to do this)




Ipswich Buses have a maximum single fare of £1.80 for any journey within the town which is roughly up to around 3 miles.

In Swindon there is a maximum single fare of £1.80 for journeys that appear to be up to around 5 miles.

A single on Wessex Red in Bristol is £1.67 on a smartcard or £2 paper ticket.

These are just examples of buses I have used in the last few weeks, which I think are reasonably priced. As well as being reasonably priced, the prices are transparent and publicly available on the internet which is something I also like.

Agree First single fares in Bristol are way too high for short journeys and information on fares very poor. St George to the centre used to be £2.70 I think. Same with Fishponds to the centre, and Horfield to the centre. I gave up on them around 2008 due to the cost, and expect they are now in the £2.90 bracket. Each is not that far and can be done in 10 minutes by car. Far longer with First's crazy timetable padding though, where buses would not use bus lanes as would get ahead of schedule when I used them off peak and going against the flow in peak times. Also long waits at every other stop. The timetables assumed every journey, in all directions, all day long, would take as long as in very heavy peak time traffic the like of which would happen once a month. Hence every journey was so slow and very expensive compared to equivalents in other UK cities. Has this improved in recent years, as it seems the costs havn't?
--- old post above --- --- new post below ---

You travel with Wessex? hock: Worst operator I have ever travelled with on more than about five occasions. Although I have to say that the red lot in Bristol don't seem to be quite as bad as their blue counterparts just down the road in Bath...

I used various Wessex routes 5 days a week for years in Bristol, and First for 2-3 days with work to differing locations, and Wessex was far superior. Much cheaper, more likely to have friendly and helpful drivers, and far more reliable. I've noticed you often critisise Wessex so I can only assume they are very poor in Bath compared to Bristol.

 

[Ivo]

Is your view shared by your fellow inhabitants of Bath, particularly students? From what I understand, the university and Student Union were desperate for another company to compete against First to provide lower fares.

Students at UoB generally prefer Wessex because they're cheaper. Otherwise, very few people will give them priority over First.

There have even been rumours flying around that the council will withdraw the 20 contract because they've turned it into a "resident"-unfriendly service in favour of being a University commuter service, even though the route is theoretically more friendly than previously.

Agree First single fares in Bristol are way too high for short journeys and information on fares very poor. St George to the centre used to be £2.70 I think. Same with Fishponds to the centre, and Horfield to the centre. I gave up on them around 2008 due to the cost, and expect they are now in the £2.90 bracket. Each is not that far and can be done in 10 minutes by car. Far longer with First's crazy timetable padding though, where buses would not use bus lanes as would get ahead of schedule when I used them off peak and going against the flow in peak times. Also long waits at every other stop. The timetables assumed every journey, in all directions, all day long, would take as long as in very heavy peak time traffic the like of which would happen once a month. Hence every journey was so slow and very expensive compared to equivalents in other UK cities. Has this improved in recent years, as it seems the costs havn't?

How long were these journeys in the past? There is a definite difference as between off-peak and peak at present so either they have allowed even longer for peak periods or otherwise this has been addressed. They are generally correct off-peak in my experience, but this is not always the case as regulars on certain routes - especially the 75 - will know.

I used various Wessex routes 5 days a week for years in Bristol, and First for 2-3 days with work to differing locations, and Wessex was far superior. Much cheaper, more likely to have friendly and helpful drivers, and far more reliable. I've noticed you often critisise Wessex so I can only assume they are very poor in Bath compared to Bristol.

I do often criticise Wessex and it is because they are far inferior to First in Bath. They are definitely better in Bristol, but I honestly believe that First are better in both Bath and Bristol.

I could spend 30 minutes writing an essay criticising Wessex, but you are right in that it would mostly address Bath.

 

[swifty]

I do often criticise Wessex and it is because they are far inferior to First in Bath. They are definitely better in Bristol, but I honestly believe that First are better in both Bath and Bristol.

I could spend 30 minutes writing an essay criticising Wessex, but you are right in that it would mostly address Bath.

They're just as bad in Bristol from personal experience. They've not got a good reputation with UWE students, especially on the 11/12 routes. Wessex cancelled the 11A service in the middle of term due to 'low usage figures', only to then have to run a free bus in its place each morning peak due to chronic overcrowding on the 11, amongst other problems.

I've also heard that Wessex fell out of favour with the Unis on Bath and that First are their preferred operator?

 

[overthewater]

First Edinburgh has introduced some fare changes with some zone tickets being reduced, its nothing to shout about. Maybe there waiting to do something better IF something is sold off.

http://www.firstgroup.com/ukbus/scotland_east/travel_news/news_initiatives/?item=10341&conf=0

From April 14 there will be a revision to fares within the Scotland East operating area with most of the season tickets either reduced in price or the prices frozen.
The revision to fares includes:

� Most season tickets to be reduced
� All other season tickets to remain frozen in price
� All FirstDay tickets to be reduced or frozen
� All family tickets frozen
� All student season tickets reduced
� Most Single and Return fares to be increased

Paul Thomas, Managing Director of First Scotland East, said: "Despite rising costs and the ongoing challenging economy, we have been able to reduce or freeze all our season tickets in this, our annual fares review. We wanted to reward our most loyal customers and at the same time encourage more of our passengers to consider the benefits of purchasing a season ticket.

"Weve also targeted one of our most popular products, the �FirstDay ticket which provides customers with unlimited travel in our various zones for a day. All FirstDay tickets have either been reduced or will remain the same price.

"Unfortunately, we have had to increase some fares, specifically single and return tickets, but I can assure customers that weve kept these to the absolute minimum.' (Most single fares will increase by 10p).

"Almost every single cost associated with running a bus company is increasing. A recent study by the Confederation of Passenger Transport showed that overall operating costs for bus companies increased by 4.7% in 2012. Those costs are likely to increase further in 2013. However, weve introduced a range of actions to ensure our costs are kept to a minimum. As a result weve been able to decrease and freeze all our season tickets and kept any increases as low as we possibly can.'

Paul Thomas stressed that bus travel continues to represent very good value for money. "I think the price of our bus fares remains good value. A First4Week season ticket holder can enjoy unlimited travel in one of our zones for just £2.61 per day for example.'
Click here for information for the Central Scotland Area (PDF - 639.81 KB)
Click here for information for Edinburgh, East Lothian and Midlothian areas (PDF - 644.44 KB)
Click here for information for the West Lothian area (PDF - 639.82 KB)
Click here for information for the Scottish Borders area (PDF - 930.16 KB)

--- old post above --- --- new post below ---
Year two, and were still waiting ont he remaining £80M, plus getting rid of the dead wood. I would expect everyone to keep an eye on the accounts of the following companies. I just get the feeling Northampton has made a bigger losses. This is starting to sound like a broken recond, and nothing is moving forward...


London Depot: Changed

* Any London Depot - EVENS
* Everything - EVENS

First in Northampton: CHANGED
Are first reducing the fleet and routes to allow a sell off to Uno? thus making sure some money be grabbed in? does seem rather pointless..

* Betting withdrawn: Northampton to close down,
* 11/10: For the last operations to be sold to UNO

First Edinburgh changed
Bar the Scottish Border, every where else is not out of the woods yet, but HAS the company done enough to change Approx £4M losses into some sort of profit? I really doubt it, if that was the case other depots would have seen improvements.

* Livingston & Musselburgh: EVENS

Irish Aircoach Other Details of the current situation read Page 65. Accounts are not good reading, Could first hold tight in a hope Eire will pick up? will there be able to improve the leasing problems?
Or will a buying to found?

* 11/8

First Cornwall
with its 9.3% loses over the past Financial year. I can't understand why the loses are that big Even after gaining new new council work or did first really undercut? and got its sums so very very wrong?

* 6/4: close down a depot.
* 13/8 Any of the depots

First Glasgow No2: CHANGED
The company is in the red by 7.3%. Has overhauling Lanarkshire routes and closing Cumbernauld got rid of the losses?

* Overtown: what will happen?

First Ipswich
What are first going to do to improve its fortunes? Alot of P and R reg stock, nothing that stands out as a cash cow bar the park N ride which could be lost. How much will it cost to replace alot of the fleet even with T, X, reg which is also needed else where?

First Leicester
What are first going to do to improve its fortunes?

 

[MK Tom]

Should point out regarding Northampton that Stagecoach now have registrations in place for competing services to every First route except the 4A. So I wouldn't take a SC registration to mean that the corresponding First route will go at the same time.

 

[winston270twm]

First Group is to issue a pre-close trading statement on Tuesday morning (9th April), that would be a good a time as any to announce it is selling something big like London or an alternative option to raise the outstanding £80 million & give Tim O'Toole some breathing space. The article below is also suggesting First Group could dispose of the Greyhound operation in the USA to raise funds/reduce debt. That was originally suggested soon after First Group first took over Laidlaw to help bring the debt levels down but never happened, that business was seen as non-core

http://www.guardian.co.uk/business/2013/apr/07/firstgroup-morrisons-problems

 

[Volvodart]

Selling off Transit was mentioned as an alternative in another article last week.

 

[winston270twm]

Selling off Transit was mentioned as an alternative in another article last week.

All year end accounts 2012:

First Transit - Revenue £778.6 Million (11.7% of group revenue), Operating Profit £55.8 Million (7.2% margin) No of vehicles operated & managed 10,600

Greyhound - Revenue £657.2 Million (9.8% of group revenue), Operating Profit £50.6 Million (7.7% margin) No of vehicles 2000

Both are sizeable businesses and should potentially raise min £500 Million each, quite possibly more..... NX group would be seriously interested in both should they ever be put on the market, NX currently keen to grow & develop their own Transit business through an initial acquisition then organically through various contract wins. Greyhound would complement NX coaches in UK & ALSA in Spain, however Dean Finch CEO of NX also seems reluctant to do any big acquisitions, so would selling either of those reduce the number of interested parties and ultimately the sale price?


Both are sizeable businesses and should potentially raise min £500 Million each, quite possibly more..... NX group would be seriously interested in both, however Dean Finch CEO also seems reluctant to do any big acquisitions, so would selling either of those reduce the number of interested parties and ultimately the sale price?

Forgot to add, Stagecoach would also be very interested, but may not be able to buy Greyhound due to US competition concerns between Greyhound/Boltbus & its own Megabus operation. Plus Stagecoach can't buy everything off First and if Stagecoach are trying to push First out of Northampton, that may rule out the the above unless its planned by the two?

Bank of America Merill Lynch is forecasting the £100 Million in UK bus disposal proceeds will be raised by 2015

http://www.independent.co.uk/news/b...oup-boosted-by-easier-road-ahead-8557595.html

 

[markie73]

Should point out regarding Northampton that Stagecoach now have registrations in place for competing services to every First route except the 4A. So I wouldn't take a SC registration to mean that the corresponding First route will go at the same time.

Time will tell if Stagecoach will operate a service to compete with First on the 4A, having seid that though the 4A is not exactly a busy service so maybe Stagecoach are holding back on this one to see what happens or could the 4A be on Uno's radar instead given the mass assault by Stagecoach on Firsts remaining services?.

How did you get on catching up with First Northampton's Lances and Citybuses?.

 

[lemonic]

You travel with Wessex? hock: Worst operator I have ever travelled with on more than about five occasions. Although I have to say that the red lot in Bristol don't seem to be quite as bad as their blue counterparts just down the road in Bath...

I have travelled with both Wessex and First. Last year I was in halls so had a free bus pass for Wessex Red routes in Bristol (although this was mainly only of use on the U6, now 16).

I have had reliability problems with Wessex, but I have also had reliability problems with First, so in my opinion they are just as bad as each other regarding reliability. But the reason I prefer Wessex is transparent, reasonable pricing compared to First's prices for some journeys. I also like how you can text a number if you wish to give feedback. Twice I enquired why my bus hadn't turned up and although I didn't get an immediate reply, it was nice to get a personalised reply informing me of the reasons a little later.

 

[overthewater]

All year end accounts 2012:

First Transit - Revenue £778.6 Million (11.7% of group revenue), Operating Profit £55.8 Million (7.2% margin) No of vehicles operated & managed 10,600

Greyhound - Revenue £657.2 Million (9.8% of group revenue), Operating Profit £50.6 Million (7.7% margin) No of vehicles 2000

Bank of America Merill Lynch is forecasting the £100 Million in UK bus disposal proceeds will be raised by 2015

http://www.independent.co.uk/news/b...oup-boosted-by-easier-road-ahead-8557595.html

Either the Bank of America are off its rocker or First group have clearly lost the plot, 5 years to sell off some ratbag companies, to raise £100 Million. Which to add the some of those Ratbag depots made losses which wipeout all the money raised in the past year from sell offs, and continue to do so. First has no spare cash to improve any of the down at the heel operations but still hold on them in case of what? some fairy godmother waves are magic wand?

Its unbelievable the old style of FIRST is still happening to this day: The top end operations are getting new buses, new livery, NEW ideas, etc. Take a look at all the debt ridden areas? either sold off or worse still being left to rot with just a flash in the pan, no money, no new buses, no new livery, no new, ideas, and its ever decreasing and I cant see any hope. And dont tell me its getting better Disgraceful vehicle shortages, continues for the past 6 months in one depot alone.

This is why people are not taking First seriously, It claimed it had no plans to sell off anything in the USA but now changed its tune, were still unsure how much has been raised from that sale of operations in Texas.

 

[Surreyman]

--- old post above --- --- new post below ---
Year two, and were still waiting ont he remaining £80M, plus getting rid of the dead wood. I would expect everyone to keep an eye on the accounts of the following companies. I just get the feeling Northampton has made a bigger losses. This is starting to sound like a broken recond, and nothing is moving forward...


London Depot: Changed

* Any London Depot - EVENS
* Everything - EVENS

First in Northampton: CHANGED
Are first reducing the fleet and routes to allow a sell off to Uno? thus making sure some money be grabbed in? does seem rather pointless..

* Betting withdrawn: Northampton to close down,
* 11/10: For the last operations to be sold to UNO

First Edinburgh changed
Bar the Scottish Border, every where else is not out of the woods yet, but HAS the company done enough to change Approx £4M losses into some sort of profit? I really doubt it, if that was the case other depots would have seen improvements.

* Livingston & Musselburgh: EVENS

Irish Aircoach Other Details of the current situation read Page 65. Accounts are not good reading, Could first hold tight in a hope Eire will pick up? will there be able to improve the leasing problems?
Or will a buying to found?

* 11/8

First Cornwall
with its 9.3% loses over the past Financial year. I can't understand why the loses are that big Even after gaining new new council work or did first really undercut? and got its sums so very very wrong?

* 6/4: close down a depot.
* 13/8 Any of the depots

First Glasgow No2: CHANGED
The company is in the red by 7.3%. Has overhauling Lanarkshire routes and closing Cumbernauld got rid of the losses?

* Overtown: what will happen?

First Ipswich
What are first going to do to improve its fortunes? Alot of P and R reg stock, nothing that stands out as a cash cow bar the park N ride which could be lost. How much will it cost to replace alot of the fleet even with T, X, reg which is also needed else where?

First Leicester
What are first going to do to improve its fortunes?[/QUOTE]

overthewater - very interesting info, can I ask where you get the figures showing % losses?

 

[overthewater]

overthewater - very interesting info, can I ask where you get the figures showing % losses?

There came from both trade papers and said companies accounts reports
im sure there is a link with the % in one of the early odd post.

 

[MK Tom]

How did you get on catching up with First Northampton's Lances and Citybuses?.

Did it today!! See attached. Didn't manage a Lance; one was in the depot, the other laid over at Greyfriars for ages then disappeared. I had done one before though. Hadn't done a Citybus before though and managed to do all the examples still in service!!

Time will tell if Stagecoach will operate a service to compete with First on the 4A, having seid that though the 4A is not exactly a busy service so maybe Stagecoach are holding back on this one to see what happens or could the 4A be on Uno's radar instead given the mass assault by Stagecoach on Firsts remaining services?.

Heard two drivers talking today whilst riding on a 30... so obviously none of this is confirmable!! It's just what these two guys were saying.

They said they've been told their jobs are secure until the end of June, which would imply all routes will run at least until then. That takes us through to after the start of Stagecoach's competing services. One was also saying he believes it'll be a 'two stage sell-off'. I have sod all idea what he meant by that so if anyone can enlighten, please do.

One of the drivers also swore he'd never work for Stagecoach, which I found curious. Why would there be that kind of feeling?

 

[winston270twm]

This is why people are not taking First seriously, It claimed it had no plans to sell off anything in the USA but now changed its tune, were still unsure how much has been raised from that sale of operations in Texas.

I doubt it raised anything of any significance, otherwise its sale would have been reported to the London Stock Exchange

 

[Volvodart]

There came from both trade papers and said companies accounts reports
im sure there is a link with the % in one of the early odd post.

The First Cornwall % quoted relates to the year ended 31 March 2011. The Council changes did not start until April 2012.

 

[overthewater]

The First Cornwall % quoted relates to the year ended 31 March 2011. The Council changes did not start until April 2012.

Has the council changes help improve the finance of the company? of is the talk about them bidding cheap help push up the debt?

 

[Volvodart]

http://hsprod.investis.com/servlet/...72677125&ir_client_id=2899&transform=newsitem

First London depot disposals to Metroline/Transit Systems

"In line with our strategy to pursue selected business and asset disposals,today we are pleased to announce the sale of five of our London depots to Metroline, an existing London bus operator, and three of our London depots to Transit Systems Group, an Australian transport company, for a combined consideration of approximately GBP80m. Both disposals are subject to the necessary regulatory approvals including contractual obligations with Transport for London."
--- old post above --- --- new post below ---

I doubt it raised anything of any significance, otherwise its sale would have been reported to the London Stock Exchange

US$10.2m in today's press release.

 

[markie73]

Did it today!! See attached. Didn't manage a Lance; one was in the depot, the other laid over at Greyfriars for ages then disappeared. I had done one before though. Hadn't done a Citybus before though and managed to do all the examples still in service!!



Heard two drivers talking today whilst riding on a 30... so obviously none of this is confirmable!! It's just what these two guys were saying.

They said they've been told their jobs are secure until the end of June, which would imply all routes will run at least until then. That takes us through to after the start of Stagecoach's competing services. One was also saying he believes it'll be a 'two stage sell-off'. I have sod all idea what he meant by that so if anyone can enlighten, please do.

One of the drivers also swore he'd never work for Stagecoach, which I found curious. Why would there be that kind of feeling?

Glad you managed to get a trip on one of these old timers, I remember when the first city buses arrived back in the late 80's!.

I think the first of the stagecoach routes to compete with First is the 12 which starts in mid may with the service 3 starting early June by which time no doubt there will be a few more new stagecoach competing routes on the road as well

Two stage sell off?, in that case maybe there is a surprise in the works its not certain that first will leave the town so could unobus be looking at buying the operation or could first de-register the operation in stages hence opening the door for stagecoach?.

Still no official word from first as to what routes will be de-registered, I would have thought the de-registering process would have started.

Could be interesting.

 

[WatcherZero]

Just seen a trading release where First claim to have sold 8 London Depots for £80m after the close of the financial year.

 

[WatcherZero]

http://www.firstgroup.com/assets/pd...rading_update_Q4_March_2013_press-release.pdf

In line with our strategy to pursue selected business and asset disposals, today we are pleased to announce the sale of five of our London depots to Metroline, an existing London bus operator, and three of our London depots to Transit Systems Group, an Australian transport company, for a combined consideration of approximately £80m. Both disposals are subject to the necessary regulatory approvals including contractual obligations with Transport for London.

 

[Surreyman]

Glad you managed to get a trip on one of these old timers, I remember when the first city buses arrived back in the late 80's!.

I think the first of the stagecoach routes to compete with First is the 12 which starts in mid may with the service 3 starting early June by which time no doubt there will be a few more new stagecoach competing routes on the road as well

Two stage sell off?, in that case maybe there is a surprise in the works its not certain that first will leave the town so could unobus be looking at buying the operation or could first de-register the operation in stages hence opening the door for stagecoach?.

Still no official word from first as to what routes will be de-registered, I would have thought the de-registering process would have started.

Could be interesting.

Well it's confirmed that London is to be sold, (£80M) lets hope there are more sales to follow!