In your article on the value of National Express Group (New Transit, October 2009) you have missed the major point in valuing the business, which possibly former chief executive Richard Bowker also missed, which is the level of debt.
If National Express West Midlands was sold off for £350m, and the trains (National Express East Anglia and c2c) for another £100m, and the Cosmen’s/CVC paid £765m for the group, they would inherit £850m of debt - ie. they must find...
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