Stagecoach confirms JV with Virgin to bid for UK's East Coast rail franchise |
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Mon, 15 Jan 2007 12:55
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LONDON (AFX) - Stagecoach Group PLC confirmed its joint venture with Sir Richard Branson's Virgin Group is to bid to run the UK's flagship Intercity East Coast rail franchise.The companies have jointly submitted an expression of interest for the franchise, Stagecoach said in a statement. They are bidding for the franchise under a 50-50 joint venture company called inter city - railways ltd.The franchise, currently operated by Great North Eastern Railway on behalf of the Department for Transport under a temporary management agreement, is expected to be re-let in the next 12 to 18 months.Virgin and Stagecoach already run the UK's West Coast and Cross Country rail franchises via VRG, in which they hold 51 pct and 49 pct stakes respectively.newsdesk@afxnews.comfaj/rarCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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