Reuters | Aug 29, 2019 09:33
(Reuters) - FirstGroup (L:FGP) and Italy's TrenItalia said on Thursday that the Department for Transport has signed an agreement with the companies for the British rail franchise that links London, Manchester and Glasgow.
FirstGroup is set to take over the franchise in December, and is being lined up to run trains on the High Speed 2 line planned for some similar routes, the government said https://uk.reuters.com/article/uk-firstgroup-railway-idUKKCN1V40SH in August.
The award of the West Coast Mainline contract to a joint venture, 70% owned by First and 30% by TrenItalia, marks the end of Richard Branson's Virgin Group involvement with Britain's railways after more than 20 years.
Virgin's West Coast partner Stagecoach (L:SGC) was disqualified from bidding for the new contract after it did not comply with rules over pension funding. It has challenged the bar.
FirstGroup, which already operates the Great Western, South Western and TransPennine Express franchises, said an initial review of the award will be carried out by Britain's Competition and Markets Authority.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.