First Manchester

[gilesbus1]

RE: First Manchester

(13/05/2019 23:03)Brickmill Wrote:  Everything, even Leeds & Bristol?

Looks like its a possibility as the shareholders are grumbling about no dividend for over ten years so the only way for the new owners the venture capitalists to solve this is to literally liquidise the company by selling assets off, so there is nothing left. Certainly looks like the business will split into two UK Bus and American Bus which will be split, the new owners don't want railways, they recon that is causing large scale losses amongst UK franchisee's and that there is nothing to be gained from running them any longer. So presume rail franchises would be returned to UK Government PLC.

I have always thought banks thinking they know how to run any company is a mistake all they want is the loans paying off, FirstGroup's biggest mistake was buying the USA operations which had been on the brink of bankruptcy many times under several different owners, for god sake Greyhounds had its day, just take the dog to the vets and put it down literally. In other words "close it down" UK Bus operations should off been bread and butter not secondary to other things, with no diversion of management time to other things. UK buses in big Cities should be making healthy profits, not losses and certainly (Aberdeen) the buses shouldn't be making a loss outside the head office door. How can a Chief Exec miss that???? the divisional director should have been fired. Or is it simply the wrong managers are with the wrong fleets??? eg would the owner of Blue Bus's son not have been better running buses in Bolton? rather than Scotland.

I would say looks like FirstGroup's situation is now more critical than Arriva's tonight.