Tchenguiz Nows Owns 3.2% Of First Group

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.

Source First Group
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