FirstGroup to partner with MTR on South Western bid

FirstGroup noted that MTR, which will take a 30% stake in the JV, has run successful suburban and commuter railways, adding that the operator’s knowledge from running London Overground and TfL Rail on behalf of Transport for London will add further depth and understanding to this franchise.

First Rail managing director Steve Montgomery said: “We are pleased that we will be partnering with MTR in a joint venture to bid for the South Western rail franchise, for which we were shortlisted in February 2016. We have extensive expertise of running commuter, inter-urban, regional and long distance services – such as those that make up the South Western franchise – and a strong track record in delivering passenger growth.

"Together, FirstGroup and MTR will develop an innovative and value for money proposal that will deliver better connectivity and significant improvements for South Western customers. Our bid will keep people moving and communities prospering across the region."

At 0820 BST, shares were up 0.2% to 101.80p.