Company Announcements

SGC WELCOMES EXTENDED SUPPORT FOR BUS SERVICES

Source: RNS
RNS Number : 3646E
Stagecoach Group PLC
06 July 2021
 

 

STAGECOACH WELCOMES EXTENDED SUPPORT FOR BUS SERVICES IN ENGLAND

Stagecoach Group plc ("Stagecoach") notes the UK Government's announcement of extended funding to support the recovery of bus services in England.

The Department for Transport ("DfT") has announced that it is making available an additional £226.5million for buses to help further increase the frequency and capacity of local services as preparations are ongoing to ease lockdown restrictions in England.

The new recovery funding, which replaces the current claimable costs Coronavirus Bus Service Support Grant (CBSSG) arrangements, will provide a fixed subsidy based on key metrics. The funding will allow operators greater flexibility to adapt services to meet the new post-pandemic bus travel demand, and will support bus services from September 2021 to April 2022. After this period, it is expected that the funding arrangements identified through the National Bus Strategy will come into place to support the future transformation of bus services.

Stagecoach Chief Executive, Martin Griffiths, said: "We welcome the UK Government's continued commitment in recognising the importance of bus in the recovery from the pandemic. As it makes plans to ease restrictions further, there has never been a better time for us to maximise the potential of the bus.

"Buses are central to driving the country's recovery, helping to rebuild our regional economies, reconnecting people and their families, as well as supporting the country's long-term objectives around decarbonisation, improved air quality and better health.

"The new National Bus Strategy for England provides a great opportunity to transform travel in our communities, whilst ensuring that customer needs remain at the core of our networks."

ENDS

For further information, please contact:

Investors and analysts
Ross Paterson, Finance Director                                                07714 667 897
Bruce Dingwall, Group Financial Controller                            07917 555 293
                               

Media
Steven Stewart, Director of Communications                         07764 774 680
John Kiely, Smithfield Consultants                                            020 3047 2476

 

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