Dallas-based Greyhound was put up for sale by Britain's FirstGroup on Thurs...
- Dallas-based Greyhound was put up for sale by Britain’s FirstGroup on Thursday as the North American bus line battles to compete with growing pressure from low cost airlines.Greyhound has been a household name in North America since it was founded in 1914, with prominent roles for its buses and their running dog logo in movies, music and motorcycle stunts.
Greyhound survived and is now the only operator of scheduled intercity coaches in North America, carrying around 17 million passengers a year and serving some 2,400 destinations. Gregory said FirstGroup had appointed investment bankers to launched a formal sale process, but declined to place a price tag on Greyhound, which reported revenue of 645 million pounds in the year ended March 31.“It’s not really in my interest to tell you what I think the value might be for the business, but its a iconic brand, has the biggest intercity network of coaches in the U.S., so I think its something a lot of people will be interested in,” he added.
“Greyhound is in long term structural decline and absorbs considerable management time without offering upside potential, and therefore disposing of it is optimal,” Investec said.
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