ALL set to hit the long trail to market is the highly successful
Perth-based Stagecoach business. Yesterday seven major Scottish
institutions put up #5m in new equity capital, but it will still be
1991, or the following year, before the bus company is publicly floated.
Given this new funding, however, it will be well placed to grasp the
opportunities it expects will arise out of the privatisation of the
Scottish Bus Group. In addition it is considering further bus company
purchases in England.
Already one of the largest independent operators in the UK, Stagecoach
is motoring strongly under the lively management of its brother and
sister team.
Brian Souter is the chairman and Ann Gloag managing director. They
have worked together for about eight years, building a young and highly
motivated executive team.
The institutions involved are Murray Ventures, Noble Grossart
Investments, the Scottish Development Agency, Scottish Eastern
Investment Trust, Scottish Investment Trust, Standard Life Assurance and
TSB Scotland.
''This is an important step in preparing the group for a further
planned programme of acquisition, and for a Scottish flotation within
the next few years,''commented Mr Souter.
He was delighted that the seven institutions, representing what he
called a broad cross-section of financial enterprise in Scotland, would
be the group's co-shareholders as they expanded.
Stagecoach has been following a strategy of acquiring companies which
have been under-performing in the sector. It has also benefited from
adopting operating and commercial policies new to the bus and coach
industry, establishing a strong corporate identity, and striving for a
good reputation based on reliability and value for money.
The directors say they now feel confident that the company's
competitive position will allow it to grasp the opportunities opening up
from further privatisation and rationalisation within the industry.
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