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UK Market Data

CompanyPrice
Arriva773
FirstGroup347
Go-Ahead1095
National Express223
Optare5
Rotala35
Stagecoach172

Share prices at: 31/08/10.
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RegionPrice
Northern Ireland118.6
Scotland118.0
Wales118.1
North117.4
North West116.9
Yorkshire & Humberside116.7
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East Anglia118.1
South East118.1
South West118.1
London118.5

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22 July 2010 | UK

Gearing up for Preston sale

Article Image

Stagecoach will sell its Preston Bus operations, but will be offering a smaller part of its business in the city than previously planned. The decision follows what the company describes as “a satisfactory resolution of the future of its Preston Bus business”.

Stagecoach had gone to the Competition Appeals Tribunal to protest that the Competition Commission’s ruling that it sell Preston Bus was wrong. The Tribunal ruled in May that a number of the Commission’s findings were not supported by the evidence in the case. Since then Stagecoach has been in discussions with the Competition Commission, the outcome of which is that it has been agreed that a slightly reduced divestment package will now be offered for sale.

A Stagecoach spokesman says: “We are pleased that we have reached a satisfactory resolution of the future of Preston Bus. The agreement acknowledges the concerns of Stagecoach and the CAT about how the initial decision was reached and the impact on the proportionality of the divestment order. As a result, we will now proceed to offer a slightly smaller package for sale than previously ordered by the Commission.

“We look forward to moving ahead with a sale process that will ensure we receive a commercial price for the business. The negotiated settlement will also provide more certainty for employees and passengers, as well as avoiding any further future unnecessary costs to the taxpayer and Stagecoach.”

www.stagecoachgroup.com

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