Cowie Group, the country’s sixth biggest bus operator, announced a £282m agreed takeover of British Bus, the third largest, yesterday. The deal creates an elite of three bus companies — FirstBus, Stagecoach and Cowie — which will account for more than 50% of the market. The takeover will enable Cowie to become a national bus operator, adding services in Northumbria, North Wales, Scotland and the Midlands.
The news came as Firstbus, Britain’s largest bus operator by market share, announced plans to bid for the franchise for the South Eastern line in London and Kent, its second franchise. It unveiled a 31% rise in pre-tax profits to £32.5m in the year to the end of March.
- The Daily Telegraph 19/6/96 page 30
- Financial Times 19/6/96 page 27, page 24 (LEX)
- The Times 19/6/96 page 27, page 28
- The Independent 19/6/96 page 15, page 17
- The Guardian 19/6/96 page 21
