Firstgroup Set To Go Bust

Vehicle and Fleet discussions for First Midland Red Buses Limited or its predecessor, Midland Red West Limited.
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Charliedaffin
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Joined: 08:32 Monday 29th October 2018
Location: St johns

Firstgroup Set To Go Bust

Post by Charliedaffin » 19:18 Wednesday 8th July 2020

https://www.theguardian.com/business/20 ... ger-levels

just read this, it seems as though first is in a bit of finanical trouble, its predicted that they wont make it to september!

DD12
Posts: 1650
Joined: 19:49 Monday 4th July 2016

Re: Firstgroup Set To Go Bust

Post by DD12 » 20:18 Wednesday 8th July 2020

Charliedaffin wrote:
19:18 Wednesday 8th July 2020
https://www.theguardian.com/business/20 ... ger-levels

just read this, it seems as though first is in a bit of finanical trouble, its predicted that they wont make it to september!
WoW !! - I knew things were difficult, but I didn't think things were THAT bad !!

Thanks Charlie.D for that news !

Matt560Breese
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Joined: 18:42 Monday 4th July 2016
Location: Digis, Worcester
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Re: Firstgroup Set To Go Bust

Post by Matt560Breese » 20:21 Wednesday 8th July 2020

Well First have always been on the rocks to be fair as they were going to sell up before however it might be good for other businesses if they did go bust as other companys would step in and it might keep them a flout

TimBrown
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Joined: 05:59 Monday 4th July 2016
Location: Worcester

Re: Firstgroup Set To Go Bust

Post by TimBrown » 08:45 Friday 10th July 2020

DD12 wrote:
20:18 Wednesday 8th July 2020
Charliedaffin wrote:
19:18 Wednesday 8th July 2020
https://www.theguardian.com/business/20 ... ger-levels

just read this, it seems as though first is in a bit of finanical trouble, its predicted that they wont make it to september!
WoW !! - I knew things were difficult, but I didn't think things were THAT bad !!

Thanks Charlie.D for that news !
I had a few First Group shares many years ago and sold them for £7-00 each in 2005 or 2006 and know that the price was as high as £8-00 per share a year or so before I disposed of my shares. Yesterday First Group shares closed at 37.8 pence each having recovered from an all time low of 28.25 pence earlier this week - speaks volumes of the Covid 19 effect on most businesses in the UK. Long term Government funding will result in much higher PAYE, VAT and other taxation next year unless the public can be persuaded back on to public transport very soon. Bus companies in trouble today The Exchequer in deep-deep trouble, if not tomorrow, definitely in 2021!

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AdamH
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Location: Worcester
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Re: Firstgroup Set To Go Bust

Post by AdamH » 16:16 Friday 10th July 2020

Back in the day, I owned thousands of FirstGroup shares. As Tim said, they were once worth about £8 each and if I had sold them at the right time I could have almost bought my own bus. The price started to go down but I held on to them waiting for them to go back up again.
In December 2005, I found myself on long-term sick with a broken arm and needed some cash quickly so I sold them all. At that time I got about £3.50 a share and I was very disappointed at that "low" price. However, they continued to go down and now it looks like I got a reasonable price for them. I feel sorry for all the hard-working bus drivers who have used the popular share buying schemes to save money from their wages over the years because they will now have lost all of their savings.

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