Under-fire FirstGroup looks into selling off US assets following pressure from shareholders
US operations: First Group already has plans in place to offload the Greyhound coach business (pictured)
First Group has announced the appointment of advisers to formally look into selling its US assets following pressure from shareholders.
The under-fire train and bus business has been battered by investors over the past year, with calls to overhaul the entire boardroom and also to provide more clarity on its strategy.
Previously the company hailed its US business, including First Student and First Transit, as ‘valuable assets and well positioned in markets with profitable growth’, although it said it would give any offers ‘serious consideration’.
Bosses also said they would look at selling the First Bus business in the UK, alongside existing plans to ditch the Greyhound coach business.
But on Monday, the company said it had appointed advisers to ‘formally explore all options in respect of our North American contract businesses, First Student and First Transit, including a potential disposal’.