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Mar 2020

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(Credit: Bus World)

25 Mar 2020

Coast raises FirstGroup stake

The activist investor targeting FirstGroup has increased its stake in the stricken transport firm.

US hedge fund Coast Capital now controls 13.5% of First’s shares, up from 11.1%. Its stake is worth about £70 million, which comfortably makes it FirstGroup’s largest shareholder.

Two First Bus single-deckers
Coast Capital has increased its stake in FirstGroup by 2.4%
(Credit: FirstGroup)

Coast has been urging First to break up its operations — and spin off its US arm into a separate listed entity — for the past year.

Earlier this month, FirstGroup, based in Aberdeen, northeastern Scotland, said it intends to sell all its US services and will concentrate on its UK business, which includes buses and rail franchises.

In the US, First operates yellow school buses and Greyhound coaches.

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