First Group Speculation

[mbonwick]

RE: Rock Ferry & Stagecoach Speculation
Given their ownership by DB now, I would say Arriva are a railway company running buses really.

Similarly, First definitely started out as a bus company running trains, but now they're definitely better on the rails and its clear that this is where their future focus is, so they're moving to a rail company running buses.

Of course, the future is irrelevant really if they do get the West Coast franchise and lose money - Standard and Poor's have said they will downrate First's credit rating to "Junk" if this happens, effectively bankrupting the company.