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FirstGroup announces £125m sale of its Greyhound bus service in the US
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FirstGroup has announced the sale of its Greyhound bus service in the US to become fully focused on UK transport, as its Lumo train service operated its inaugural journey from London to Scotland.
The long-established North American intercity coach business will be sold to the German operator FlixMobility for $172m (£125m), in a deal that will see FirstGroup temporarily retain the depots and terminals, as well as pension liabilities – in effect offloading Greyhound for a net loss of $19m.
FirstGroup said the losses would be offset by the profits from its recent sales of its First Transit and First Student bus businesses in the US, after it decided to pull out of the North American market.
The chairman and acting chief executive, David Martin,
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