MoneyAM MoneyAM
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Research   Share Price   Awards   Indices   Market Scan   Company Zone   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Stock Screener   Forward Diary   Forex Prices   Director Deals   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Videos   Comparison Tables   Spread Betting   Broker Notes   Shares Magazine 
You are NOT currently logged in

 
Filter Criteria  
Epic: Keywords: 
From: Time:  (hh:mm) RNS:  MonAM: 
To: Time:  (hh:mm)
Please Note - Streaming News is only available to subscribers to the Active Level and above
 


FirstGroup secures Carmarthen-London rail rights in latest acquisition

ALN

FirstGroup PLC on Thursday said it has completed its purchase of Grand Union Trains GWML Holdings Ltd.

The acquisition includes track access rights for a new open access rail service between Carmarthen, in south-west Wales, and London Paddington.

The Aberdeen-based public transport provider has also submitted an application to the Office of Rail & Road to expand its services to Paignton, Devon.

The Carmarthen-London Paddington service is scheduled to begin in December 2027, and will run for at least ten years. It will provide five daily services, stopping at stations such as Bristol Parkway, Newport, and Cardiff Central. The route will be operated under FirstGroup’s Lumo brand.

FirstGroup expects the route to generate annual revenues of around £50 million within two years of its launch, with a low double-digit operating margin. The service is anticipated to create around 100 direct jobs.

Chief Executive Officer Graham Sutherland said: ‘The introduction of our new Carmarthen to London Paddington service will significantly bolster our footprint, and should our other applications be successful, we will almost treble our current open access capacity over the next few years.’

In addition to the Carmarthen service, FirstGroup has applied to the Office of Rail & Road to expand its operations by adding five daily return Lumo services between London Paddington and Paignton from May 2028.

The company said these services will enhance connectivity in the South West, stopping at major stations including Bath Spa, Bristol Temple Meads, and Exeter St David’s.

Shares in FirstGroup were down 0.3% at 153.50 pence each in London on Thursday morning.

Copyright 2024 Alliance News Ltd. All Rights reserved.