Property mogul Robert
Tchenguiz now owns 3.22% of the bus and rail company First Group Plc, the
company’s statutory notifications reveal.
Tchenguiz has apparently been supportive of the attempts by activist investor Coast Capital, First Group’s largest shareholder, to reform the company’s board and improve its performance. One of Coast Capital’s preferred candidates, former Arriva CEO David Martin, has recently joined as Chairman.
Tchenguiz has something of
a reputation as an activist shareholder himself, dating back into the early
2000s. It will be interesting to see how both his and Coast’s greater influence
on First Group pans out in the coming months.
First Group Plc, alongside
Italian partner Trenitalia UK Limited, has recently been awarded the franchise
to operate the West Coast Main Line from this December and has promised a
number of service improvements.