First leaves London bus market to foreigners with £80m disposal

IIn quitting London bus operations, UK-based transport group First has made good on its promise to raise £100m through disposal of non-core operations, with the surprise sale of practically all its London bus operations to two foreign groups for £80m. But it raises some interesting questions about the difference in approach to tendered markets between UK groups and those from the rest of the world.

First is to sell eight of its London bus garages – five with 494 vehicles in...

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