Midland Red (South) Limited was incorporated on 15th April 1981, with the name Dreamimage Limited, and was purchased by the National Bus Company (N.B.C.) who renamed it to Midland Red (South) Limited on 1st July 1981.  Trading started on 6th September 1981, following the brake up of the Midland Red Omnibus Company Limited (MROC), with 163 vehicles and five depots depots at Banbury (BY), Leamington Spa (LN), Nuneaton (NN), Rugby (RY), and Stratford (ST), operating services in Buckinghamshire, Northamptonshire, Oxfordshire and Warwickshire.

Under the ownership of the Stagecoach Group plc, Midland Red (South) Limited traded with the name Stagecoach Midland Red, until this name was phased out in favour of Stagecoach South Midlands following a relaunch of the Stagecoach brand on 6th October 2002, and a joining of operations with Thames Transit Limited (“Stagecoach in Oxford”).  Both these companies are now operating independently again, and Midland Red South is now trading under the name Stagecoach in Warwickshire, although the former Midland Red depot at Banbury (BY) has come under the control of Thames Transit Limited (“Stagecoach in Oxford”)

 
Acquired at formation
Acquired after formation 
The Midland Red South section is still under construction.