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Stagecoach counts cost of over-bidding

Stagecoach counts cost of over-bidding

Back in November the Department for Transport announced that the East Coast franchise, 90 per cent owned by Stagecoach (SCG) and the remainder by Virgin, would come to an early end in 2020 rather than 2023. Shareholders in Stagecoach were encouraged at the time that this would reduce the risk of the operator defaulting on the franchise. It appears this optimism was premature, as the transport operator has breached a key financial covenant.

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