Stagecoach buys NZ bus group
Tuesday 11 August 1998
Stagecoach won control of Yellow Bus Company against French and local competition after submitting the highest bid to the Auckland Regional Services Trust.
Stagecoach already operates bus services out of Wellington on New Zealand's south island. The Yellow Bus Company operates on the north island.
Stagecoach's financial director, Keith Cochrane, said there would be plenty of opportunities for economies of scale through bulk purchasing for both operations.
Stagecoach is making a concerted effort to extend its interests in New Zealand and Australia. Currently this region produces only 1.5 per cent of Stagecoach profits.
But the group is currently looking at the potential for making a bid for the Melbourne tram and train network which is being privatised.
Yellow Bus, which produced profits of NZ$64.1m in the 12 months to June 30, operates 530 buses and has 930 employees.
Once the cash transaction is completed next week, it will bring the total number of Stagecoach buses to 12,500 making it one of the largest operators in the world.
Stagecoach has plans to invest in new equipment for Yellow Buses and points out that it has not increased the fares for eight years in its existing New Zealand operation.
Justin Bieber was one of the hardest hit
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...