London-listed bus and rail operator FirstGroup’s largest shareholder Coast Capital Management on May 20 published a turnaround plan demanding the Greyhound coaches owner separate its UK and U.S. businesses, as well as exiting the rail business in the UK.
The UK business includes local bus service provider First Bus, while its UK rail service has three franchise agreements. In the United States, FirstGroup operates First Student, the largest network of student transportation in North America; it also runs municipal bus services there, as well as the Greyhound coach chain.
Coast Capital on May 12 asked for an extraordinary general meeting to remove six directors at First Group. It wants to replace them with seven new board members, including Steve Norris, Britain’s former transport minister, and David Martin, former boss of UK public transport company Arriva.
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