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First Group: General Discussion

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overthewater

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Something will happen at some point in time that will make us go whooo... If its US sell off then whoop, I guess?
 
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Roilshead

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There is speculation on the Irish Road Passenger Transport Forum that First may have concluded a deal or deals for disposing of their Aircoach operations, it is suggested that new operators [sic] will be seen on the network from March.
 
F Great Eastern

F Great Eastern

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Roilshead said:
There is speculation on the Irish Road Passenger Transport Forum that First may have concluded a deal or deals for disposing of their Aircoach operations, it is suggested that new operators [sic] will be seen on the network from March.
Click to expand...

The new operator being talked about is National Express, but not for the reason you think.

National Express are entering Dublin Airport from March, with new routes operating under the Dublin Express brand which are contracted out to Bernard Kavanagh, an Irish white label operator. National Express have secured the stops that Aircoach will use up to March outside both terminals and Aircoach from then will be relegated to behind the atrium car park.

Note that all of these National Express services starting in March are new services, operated by new staff with new vehicles to Bernard Kavanagh and their own ticket system with their own management. They are not taking over Aircoach services as such and nothing I have heard suggests that a deal is happening in respect of NX purchasing Aircoach.
 
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Roilshead

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F Great Eastern said:
The new operator being talked about is National Express, but not for the reason you think.
Click to expand...

I'm well aware of then entry of Dublin Express into the Dublin-Dublin Airport market. The speculation relates to the fact that Aircoach wee outbid for the prime departure stands outside the terminals and may have decided - if a willing buyer or buyers came forwards - to exit fom their Dublin/Cork/Belfast routes.
 
F Great Eastern

F Great Eastern

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Roilshead said:
I'm well aware of then entry of Dublin Express into the Dublin-Dublin Airport market. The speculation relates to the fact that Aircoach wee outbid for the prime departure stands outside the terminals and may have decided - if a willing buyer or buyers came forwards - to exit fom their Dublin/Cork/Belfast routes.
Click to expand...

Those routes would be the least effected by the move though so it would be a strange move unless the other routes were going to someone else.

The only services being operated outside both terminals by National Express and Dublin Bus would be Dublin routes. All their competitors for Dublin to Cork will be even further back than Aircoach.

National Express might start up to Belfast and take advantage of not needing to run on Irish rules but that route is already saturated and they won't get a license to Cork because there's already two express operators on that corridor which is all the regulator tends to allow.
 
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DragonEast

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Well, the news is that First Essex' new seven deckers to the (sort of) rebranded X30 AirCoach should come into service tomorrow. A longer term future with Beeline, perhaps, who are sort of becoming airport specialists? First just need to decide what to do with the rest of the albatross. Galleon look like they are on the prowl and maybe won't be too particular or worried about doing what First won't, and the fringes aren't short of competition to step in, and maybe provide the shot-in-the-arm that Arriva's Essex ops need as well? (FEC could even run Colchester as a sort of second Ipswich-style sub-area if it stacks up viably).

Longer term help consolidate the rest of the southern bus ops into Badgerline, and get shot of an albatross into the bargain; what's not to like?
 
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winston270twm

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DragonEast said:
Well, the news is that First Essex' new seven deckers to the (sort of) rebranded X30 AirCoach should come into service tomorrow. A longer term future with Beeline, perhaps, who are sort of becoming airport specialists? First just need to decide what to do with the rest of the albatross. Galleon look like they are on the prowl and maybe won't be too particular or worried about doing what First won't, and the fringes aren't short of competition to step in, and maybe provide the shot-in-the-arm that Arriva's Essex ops need as well? (FEC could even run Colchester as a sort of second Ipswich-style sub-area if it stacks up viably).

Longer term help consolidate the rest of the southern bus ops into Badgerline, and get shot of an albatross into the bargain; what's not to like?
Click to expand...

There were a load of Essex cancellations on VOSA yesterday, as follows:

  • PF0000599/297 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Chelmsford Bus Station to Chelmsford Bus Station via Braintree
    Service number: 352
    Service type: Normal Stopping
    Effective date: 29 Mar 2020

  • PF0000599/317 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Chelmsford Bus Station to Harlow Bus Station via Hatfield Heath, Sheering
    Service number: 59
    Service type: Hail & Ride, Normal Stopping
    Effective date: 29 Mar 2020

  • PF0000599/75 Cancelled
    FIRST ESSEX BUSES LTD
    Route: CLACTON to WALTON ON THE NAZE via Holland, Kirby Cross
    Service number: 7 (8, 99)
    Service type: Limited Stop
    Effective date: 29 Mar 2020

  • PF0000599/319 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Stanwell St, Colchester to Harwich Bus Station
    Service number: 106
    Service type: Normal Stopping
    Effective date: 29 Mar 2020

  • PF0000599/311 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Pier Avenue, Clacton to The Naze, Walton via Weeley, Thorpe Le Soken, Kirb Cross
    Service number: 100
    Service type: Normal Stopping
    Effective date: 29 Mar 2020
Not sure how significant they are.
 
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TitanMike

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winston270twm said:
There were a load of Essex cancellations on VOSA yesterday, as follows:

  • PF0000599/297 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Chelmsford Bus Station to Chelmsford Bus Station via Braintree
    Service number: 352
    Service type: Normal Stopping
    Effective date: 29 Mar 2020

  • PF0000599/317 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Chelmsford Bus Station to Harlow Bus Station via Hatfield Heath, Sheering
    Service number: 59
    Service type: Hail & Ride, Normal Stopping
    Effective date: 29 Mar 2020

  • PF0000599/75 Cancelled
    FIRST ESSEX BUSES LTD
    Route: CLACTON to WALTON ON THE NAZE via Holland, Kirby Cross
    Service number: 7 (8, 99)
    Service type: Limited Stop
    Effective date: 29 Mar 2020

  • PF0000599/319 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Stanwell St, Colchester to Harwich Bus Station
    Service number: 106
    Service type: Normal Stopping
    Effective date: 29 Mar 2020

  • PF0000599/311 Cancelled
    FIRST ESSEX BUSES LTD
    Route: Pier Avenue, Clacton to The Naze, Walton via Weeley, Thorpe Le Soken, Kirb Cross
    Service number: 100
    Service type: Normal Stopping
    Effective date: 29 Mar 2020
Not sure how significant they are.
Click to expand...

Does anyone know who is takinh these on? Presume Hedingham are taking the Clacton routes so First presence in Clacton and Walton finally disapperas completely!
 
TheGrandWazoo

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carlberry

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TheGrandWazoo said:
In more encouraging news from First Essex, the new X30 fleet being shown with a nice new look

https://flic.kr/p/2iuZfuG
https://flic.kr/p/2iuXZ9h
https://flic.kr/p/2iuY3ek
https://flic.kr/p/2iuwFPo

Repainting e200mmc as well
https://flic.kr/p/2iuVtSC
The old look
https://flic.kr/p/PtGc5H

Doubtless, the good people of Essex will be massed at bus stops complaining that whilst they’re nice, they look too similar to First’s Cymru Clippers.....
Click to expand...
They do look very similar to a couple of deckers that have recently moved from Bath to Essex!
 
cnjb8

cnjb8

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TheGrandWazoo said:
In more encouraging news from First Essex, the new X30 fleet being shown with a nice new look

https://flic.kr/p/2iuZfuG
https://flic.kr/p/2iuXZ9h
https://flic.kr/p/2iuY3ek
https://flic.kr/p/2iuwFPo

Repainting e200mmc as well
https://flic.kr/p/2iuVtSC
The old look
https://flic.kr/p/PtGc5H

Doubtless, the good people of Essex will be massed at bus stops complaining that whilst they’re nice, they look too similar to First’s Cymru Clippers.....
Click to expand...
Those seats look very comfy. I never thought I'd say this but good job First Essex!
 
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carlberry

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JamesC357 said:
Well they still haven’t entered service here yet, and it must be getting on for 3 weeks since they arrived!
Click to expand...
To be fair it took them a while to recover from their journey down from Scotland to Bath/Wells, I believe it was rare for both to be in service!
 
TheGrandWazoo

TheGrandWazoo

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On Saturday, I had the pleasure of being in Worcester for a few hours and time to kill so thought I'd have a bit of an explore courtesy of First Midland Red. Last time I'd been on FMR was August 2018. Not too long but time for half a dozen journeys, comprising a run to/from Pershore on the X50 and then a loop around on the Nimrod, onto the 36 to the hospital, then to the city centre before a final trip on the 45 to reclaim the car.

Observations - Good

The Nimrod relaunch has been done pretty well and the route has plenty of shiny new bus stop flags. The vehicles themselves have been refurbished and were pretty clean. All services were on time (though it was a Saturday so should be ok). In fact, all the vehicles I had were reasonably well turned out. I had a former Veolia B7RLE to/from Pershore that was beginning to look a bit scruffy internally but not bad. External presentation was also fairly good and they have nicely spruced the Salt Road Eclipses in similar fashion. I'd also point out the quality of roadside publicity being decent. I had three Streetlites and I know that people either hate them or really hate them. However, FMR seem to have the measure of them and the ones I had didn't have the jerky gear changes that often are cited. Only the last one (a newer Max one) had the usual emergency door handle chattering. Overall, all three were decent enough for the sort of city work they were undertaking.

Observations - Bad

Nimrod looks good and then you sit in a Citaro with internal promotion on the cove panels...on one side only. Why? On the side that had the vinyls applied, they were peeling and had been stuck on with cellotape....really. There are also still vehicles in barbie - saw two Tridents that are due to head to Essex and a 2003 Solo still coughing around the city.

However, what really catches the eye is how bad the service provision is. Aside from some city services like the 35 and 38, and the routes to Droitwich and Malvern, frequencies are pretty low. Astons and LMS have increasingly taken on work that FMR don't/won't do. Their main route to Upton on Severn was traditionally hourly - it's now two journeys with Astons now running much of the route.

Observations - Very bad

Aside from Northampton Transport and SMT, it's hard to recall a business that First have so comprehensively mismanaged. My first experiences of the old Midland Red West were the very first days of First Bus in the mid 1990s. It was a business with a network that encompassed a heartland around Worcester and Redditch, some more marginal stuff in Kiddy, and then some intensely rural stuff. It had some modern fleet like Lynxes and Verdes and a few Darts, but also still had some old fleet with a few Nationals approaching 20 years of age. Elderly Mercedes minis were also still grinding their way about.

Having been massively complacent in allowing competition, they sold Kiddy and Redditch to Rotala and then elected to close Hereford and leave town. It's a one depot firm now and even that looks like it's being pared back to have four main routes - Malvern, Evesham, Droitwich and the Nimrod. Some of the most modern vehicles (granted Streetlites) have already been spirited away and it seems more will go, being ousted by more 2008 Citaros. The comparisons with Stagecoach down the road in Gloucester are telling. As a comparison, the Nimrod 35 runs every 10 mins until 1800, then sort of half hourly til 2010 then hourly until the last bus at 2210. Gloucester has a similar main city service (the 1 to Matson) that runs every 10 mins with a similar pattern until the evening but running every 30 mins until 2210 but then two final departures at 2250 and 2330.

This isn't all to be laid at First's door. The local council is woefully apathetic. There's a lack of any real ambition from them and we've seen the park and rides closed (with one sold for redevelopment) and whilst bus priority exists, it's piecemeal and not well designed or enforced. It could be worse... The Rotala visitors to Worcester on the 303 pay testimony to that. However, if there's a poster boy for First's current ills of managers trying to work miracles with aged fleet (with buses shifted around to meet LEZs) and a consistent regime of cuts to get margins up to attract possible purchasers, FMR is it. It's very sad to see a once good firm having declined so much, and reliant on tarting up middle aged vehicles and a bit of Stenning magic. It really shouldn't have come to that (and it's declined in 18 months).
 
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R

Robertj21a

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TheGrandWazoo said:
On Saturday, I had the pleasure of being in Worcester for a few hours and time to kill so thought I'd have a bit of an explore courtesy of First Midland Red. Last time I'd been on FMR was August 2018. Not too long but time for half a dozen journeys, comprising a run to/from Pershore on the X50 and then a loop around on the Nimrod, onto the 36 to the hospital, then to the city centre before a final trip on the 45 to reclaim the car.

Observations - Good

The Nimrod relaunch has been done pretty well and the route has plenty of shiny new bus stop flags. The vehicles themselves have been refurbished and were pretty clean. All services were on time (though it was a Saturday so should be ok). In fact, all the vehicles I had were reasonably well turned out. I had a former Veolia B7RLE to/from Pershore that was beginning to look a bit scruffy internally but not bad. External presentation was also fairly good and they have nicely spruced the Salt Road Eclipses in similar fashion. I'd also point out the quality of roadside publicity being decent. I had three Streetlites and I know that people either hate them or really hate them. However, FMR seem to have the measure of them and the ones I had didn't have the jerky gear changes that often are cited. Only the last one (a newer Max one) had the usual emergency door handle chattering. Overall, all three were decent enough for the sort of city work they were undertaking.

Observations - Bad

Nimrod looks good and then you sit in a Citaro with internal promotion on the cove panels...on one side only. Why? On the side that had the vinyls applied, they were peeling and had been stuck on with cellotape....really. There are also still vehicles in barbie - saw two Tridents that are due to head to Essex and a 2003 Solo still coughing around the city.

However, what really catches the eye is how bad the service provision is. Aside from some city services like the 35 and 38, and the routes to Droitwich and Malvern, frequencies are pretty low. Astons and LMS have increasingly taken on work that FMR don't/won't do. Their main route to Upton on Severn was traditionally hourly - it's now two journeys with Astons now running much of the route.

Observations - Very bad

Aside from Northampton Transport and SMT, it's hard to recall a business that First have so comprehensively mismanaged. My first experiences of the old Midland Red West were the very first days of First Bus in the mid 1990s. It was a business with a network that encompassed a heartland around Worcester and Redditch, some more marginal stuff in Kiddy, and then some intensely rural stuff. It had some modern fleet like Lynxes and Verdes and a few Darts, but also still had some old fleet with a few Nationals approaching 20 years of age. Elderly Mercedes minis were also still grinding their way about.

Having been massively complacent in allowing competition, they sold Kiddy and Redditch to Rotala and then elected to close Hereford and leave town. It's a one depot firm now and even that looks like it's being pared back to have four main routes - Malvern, Evesham, Droitwich and the Nimrod. Some of the most modern vehicles (granted Streetlites) have already been spirited away and it seems more will go, being ousted by more 2008 Citaros. The comparisons with Stagecoach down the road in Gloucester are telling. As a comparison, the Nimrod 35 runs every 10 mins until 1800, then sort of half hourly til 2010 then hourly until the last bus at 2210. Gloucester has a similar main city service (the 1 to Matson) that runs every 10 mins with a similar pattern until the evening but running every 30 mins until 2210 but then two final departures at 2250 and 2330.

This isn't all to be laid at First's door. The local council is woefully apathetic. There's a lack of any real ambition from them and we've seen the park and rides closed (with one sold for redevelopment) and whilst bus priority exists, it's piecemeal and not well designed or enforced. It could be worse... The Rotala visitors to Worcester on the 303 pay testimony to that. However, if there's a poster boy for First's current ills of managers trying to work miracles with aged fleet (with buses shifted around to meet LEZs) and a consistent regime of cuts to get margins up to attract possible purchasers, FMR is it. It's very sad to see a once good firm having declined so much, and reliant on tarting up middle aged vehicles and a bit of Stenning magic. It really shouldn't have come to that (and it's declined in 18 months).
Click to expand...

A couple of the Streetlites have moved to Leicester, and the rest should follow when more of the Slough Citaros are available. As far as I can tell, the Streetdecks should be remaining.
 
TheGrandWazoo

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Robertj21a said:
A couple of the Streetlites have moved to Leicester, and the rest should follow when more of the Slough Citaros are available. As far as I can tell, the Streetdecks should be remaining.
Click to expand...

My understanding was that the Streetlite Maxes would move but the Streetdecks and short Streetlites weren't destined for Leicester and should stay?
 
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winston270twm

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Coast Capital has issued a statement re: First Group, FGP's response below inc confirmation of Trading Update this Wednesday:
Statement re Coast Capital statement
Released : 09.03.2020

FIRSTGROUP PLC
STATEMENT RE: COAST CAPITAL STATEMENT

FirstGroup plc (‘FirstGroup’ or the ‘Group’) notes the announcement by Coast Capital. The Board agrees that there is material value to be unlocked within the Group and is intent on delivering this in the best interests of all shareholders. Our scheduled trading statement will be published on Wednesday 11 March, in which we will update the market on trading since our half-year results in November in addition to the progress of our strategic plans, including in relation to our North American contract businesses.

ENDS
Click to expand...
https://otp.tools.investis.com/clie.../regulatory-story.aspx?cid=858&newsid=1377469
 
V

Volvodart

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Here is what Coast said:-

https://www.morningstar.co.uk/uk/ne...-coast-capital-seeks-demerger-of-us-unit.aspx

FirstGroup Investor Coast Capital Seeks Demerger Of US Unit(Alliance News) - FirstGroup PLC majority shareholder Coast Capital Management LP on Monday said ...
Alliance News9 March, 2020 | 9:47AMEmail Form
(Alliance News) - FirstGroup PLC majority shareholder Coast Capital Management LP on Monday said it intends to request an extraordinary general meeting to seek the demerger of the transport company's North American unit.

Coast Capital holds a 10% stake in FirstGroup.

The investment firm said it wants First Student and First Transit separated from the UK business, to create "immediate" value for shareholders.

"Unless the board announces a separation, Coast Capital intends to requisition an EGM in order to provide investors with the opportunity to vote on an immediate de-merger of the North American operations. Coast Capital believes that in the absence of a full divestment notably above book value, the company must pursue a listing of these businesses on a North American exchange and the LSE. This will allow UK investors to realize value from their investment in the company, and enable new North American investors, public or private, to buy into the North American operations," Coat Capital said.

In December, FirstGroup had said it was conducting a strategic review of its North American businesses First Student and First Transit and would "formally explore all options" including a potential sale.

FirstGroup operates the iconic Greyhound bus service in the US.

The Aberdeen, Scotland-based public transport operator added that it is separately undertaking an improvement programme to address the performance of UK business First Bus.

Coast Capital is adamant that Student Transport and Transit are worth "notably" more than book value, and believes the unit would benefit from a New York or Toronto listing.

"A dual listing structure allows existing UK investors to retain shares of an LSE listed company, while also providing North American investors access to the largest pureplay North American student and transit operations," Coast Capital said.

Adding: "We believe there will be significant demand from US/Canadian investors for the shares of the leading provider of North American student transportation and transit operations -in light of the long term contracts (upwards of four years), high rates of contract renewals, and attractive margins and return on capital."

Shares in FirstGroup were down 6.1% in London on Monday morning at 94.05 pence each.

By Paul McGowan; [email protected]
Click to expand...
 
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Volvodart

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11 March 2020 - Winter trading update

https://otp.tools.investis.com/clie.../regulatory-story.aspx?cid=858&newsid=1377972

Progress with portfolio rationalisation

Board has commenced formal process to sell our North American contract businesses First Student and First Transit, with significant interest expressed by a range of potential buyers
First Bus and First Rail to form the core of the ongoing Group, following the conclusion of the North American transaction processes


Extracts:-

Update on trading and portfolio rationalisation
Released : 11.03.2020

2020 WINTER TRADING UPDATE AND SALE PROCESS
FOR NORTH AMERICAN CONTRACT BUSINESSES UNDERWAY

FirstGroup plc, a leading provider of transport services in the UK and North America, today provides an update on the portfolio rationalisation strategy and on trading since the end of September 2019.

Recent trading summary

Group revenue +7.5% YTD, or +6.0% in constant currency1
Trading trends in First Student, First Transit and First Bus broadly similar to first half, with industry cost inflation and volatile passenger demand largely mitigated by management action and growth. Greyhound’s trading environment remains difficult, though this has been offset by a stronger First Rail financial performance following GWR’s successful introduction of new trains and a major timetable upgrade
We have seen no significant impact from the coronavirus (COVID-19) outbreak to date, however we are monitoring the situation closely while planning for a range of scenarios including changes to current government guidance or policy
Overall, based on the above the Group’s outlook for adjusted operating profit (pre-IFRS16) in constant currency for the year to 31 March 2020 is in line with our expectations, though we are mindful that the final month of the year is traditionally a significant trading period for the Group

...

Commenting on today’s announcement, FirstGroup Chairman David Martin said:

“We have now commenced a formal process to sell our North American contract businesses. We firmly believe that a sale of these assets is the best way to unlock material value for all FirstGroup shareholders, having completed a detailed review and analysis with advisers appointed by the Board to explore all options.

“FirstGroup’s bus and rail businesses in the UK will play a key role in supporting
the Government’s plans to stimulate economic growth throughout the country while reducing the environmental impact of transport. With the emphasis on building a stronger business for the future, they will continue to benefit from the improvement programmes already underway as well as from the Government’s infrastructure spending plans announced earlier this year.

“Despite near-term uncertainty in the wider markets, there remains a fundamental need for people to travel safely and conveniently for business, education, social or recreational reasons which is essential to sustainable and thriving economies and communities. We are resolutely focused on delivering our plans – including the portfolio rationalisation strategy – in the best interests of all shareholders.”

Commenting, FirstGroup Chief Executive Matthew Gregory said:

“Our market leading businesses have attractive long term prospects and during the period we have continued to execute the clear commercial strategies that will capture their potential and create value, underpinned by our comprehensive cost efficiency programmes. Notwithstanding the challenging trading environment, we have made good progress towards our objectives to improve services for customers and unlock the inherent value within the Group.

“In First Student and First Transit we have well-invested long term contract businesses with excellent customer relationships, strong management teams and opportunities for growth, and we look forward to seeing these characteristics being reflected in the outcome of the formal sale process that is now underway.”

First Student and First Transit sale process

The Board of FirstGroup today announces that it has begun a formal sale process to exit our North American contract businesses, First Student and First Transit. Significant interest in the North American contract businesses has been received, and Rothschild & Co, together with Goldman Sachs and JP Morgan Cazenove, have been appointed to lead a sale process. Under the leadership of our Chairman, David Martin, the Group has now undertaken thorough preparations for a carve-out and sale of First Student and First Transit. This work has involved expert third party consultants and advisers who have helped design the optimal structure to be implemented and put together the detailed materials and reports appropriate for a transaction of this scale.

First Student and First Transit are market leaders in the provision of core contracted public transportation services across 40 US states and seven Canadian provinces. The businesses have long term trusted relationships with a high quality, diversified client base of principally schools, universities and other public sector entities, generating stable predictable revenues. In addition, the businesses benefit from their substantial scale, best-in-class operating track records and highly experienced management teams. Both businesses are run in a decentralised way and will be capable of clean separation from FirstGroup’s other operations.

Financial and operational highlights of First Student and First Transit (as of 31 March 2019) include:

Reported combined revenues of $3.8 billion for the financial year ended 31 March 2019, of which $2.4 billion is attributable to First Student;
Reported combined EBITDA for the same period of $558 million of which $465 million is attributable to First Student;
A wholly-owned fleet of 43,000 revenue-producing vehicles in First Student, with an average fleet age under seven years, servicing more than 1,000 client contracts, out of 460 locations.
Following careful evaluation, the Board believes that upon completion, the sale of First Student and First Transit will unlock material shareholder value for all FirstGroup shareholders.

The sale process will be conducted with the objectives of optimising value for FirstGroup shareholders and minimising uncertainty for our customers and employees. The sale of First Student and First Transit will be subject inter alia to FirstGroup shareholder approval, which the Board anticipates would lead to completion of the process during the second half of the upcoming financial year.

...
First Bus and First Rail in the UK

On conclusion of the North American divestments the Group will become a UK-based transportation provider with bus and rail operations at the core of its business. Accordingly, there are no further plans to pursue a separation or sale of First Bus. We will continue to capture the benefits of our improvement programmes and strong market positions to deliver enhanced performance in First Bus, while playing a key role in delivering the benefits of the UK Government’s announced plans to invest in improving bus networks and sustainability across the country. Public transport has a unique role to play in transitioning to a carbon neutral society and, with a leading position in low emission vehicles and deep local authority relationships, we have a strong platform for the future. We will continue to actively manage First Rail’s existing portfolio of rail franchises to deliver sustainable benefits for passengers, shareholders and our other stakeholders. We also look forward to the publication of the Williams review, which we hope will provide much anticipated clarity around the future shape of rail franchising.

...
Greyhound’s trading environment remains challenging, with further reductions in fuel price which typically makes travel by car more cost-competitive, continuing reductions in immigration-related demand in the southern border states and intensifying competition in several markets from both coach and low-cost airline operators. Despite further management action including commercial initiatives, mileage reductions and profit on certain property sales, this difficult demand environment continues to drop through to Greyhound’s profitability. Negotiations in respect of the Greyhound sale process are ongoing and we will update the market, as appropriate, when they conclude.
Click to expand...
 
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O

oldman

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It will be interesting to see what happens to the money - how much paid out to the shareholders, which is what Coast Capital and company will want, how much to sort out the remaining business.
 
W

winston270twm

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Bad move selling off First Student & Transit in their entirely, most of the money from the sale proceeds will have to be returned to shareholders.

Still no timeline for the sale of Greyhound & a u-turn on First UK bus sales again.
 
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