Most of First London Operations Sold

[Southernsofty]

RE: Most of First London Operations Sold

(09/04/2013 13:28)Southernsofty Wrote:  With the exception of Dagenham, all of First London has been sold, 5 depots to Metroline the remaining 3 to a bank.
First get to pocket @ £80M.

More details, (Not a Bank by the way).

"As part of FirstGroup's stated strategy to reposition its UK Bus division to focus on those areas that offer the greatest potential for growth, it has today announced the sale of eight of its London bus depots.


The bus depots at Alperton, Greenford, Hayes, Uxbridge and Willesden Junction, along with 494 vehicles and approximately 1,700 employees, will transfer to Metroline on completion of the sale for a gross consideration of £57.5m. Metroline is an existing London bus operator and wholly-owned subsidiary of Comfort DelGro Corporation Limited, a Singapore-incorporated transportation company.


The bus depots at Atlas Road, Lea Interchange and Westbourne Park, along with approximately 400 vehicles and 1,500 employees, will transfer to Transit Systems Group, an Australian transport operator, on completion of the sale for a gross consideration of £21.3m.


Both disposals are subject to the necessary regulatory approvals including contractual obligations with Transport for London."