12 July 2012

Ideology First

We have already seen what Stagecoach think, here we see Firsts reaction.

The proposed acquisition of FirstGroup PLCs North Devon bus operations by Stagecoach Group plc will no longer go ahead following the Office of Fair Trading's announcement today (10/7/2012) that it is referring the case to the Competition Commission.
Managers at First will now consult with Trade Unions and affected employees to review the implications of this decision.
Giles Fearnley, Firsts UK Bus Managing Director, said: "

We are extremely disappointed by this decision which may lead to services being withdrawn and puts jobs at risk.

"We are now considering our options and will consult fully with affected employees and stakeholders about the implications of the OFTs announcement. "We are progressing our plan to reposition and rebalance our UK Bus portfolio to restore operating margins and help facilitate improved growth and returns. We are continuing to develop opportunities for a number of disposals of our bus operations and, despite todays announcement, we are confident of future successful transactions in the coming months as a number of potential bidders exist in those markets where we have identified other businesses for disposal.'

First Group

Although there are people who agree that in an ideal world competition is good, its hard to find many people who agree with this strange decision by the CC. They have an ideoology that they are following in the belief that services will improve when it is clear that unless someone very special turns up and offers to buy the operation and compete against the might of Stagecoach services will be cut and jobs will be lost. You do have to feel very sorry for the staff currently employed by First who are stuck in the middle of all this.

Related Links

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