Stagecoach offloads US school buses for £30m

Transport group Stagecoach has sold the bulk of its US school bus interests for $47 million (£29.5m) as it seeks to concentrate on its booming budget brand megabus.

The Perth-based multinational said yesterday it had sold its Wisconsin School Bus subsidiary, along with 700 vehicles, to American firm Student Transportation, pending regulatory approval. It said the proceeds of the sale would be used to pay off debt. It said: “Although the business has performed well, Stagecoach’s share of the US school bus market is relatively small and the sale enables Stagecoach to focus its management and capital on less regulated North American operations, including the fast-growing business.”

The Scottish company has been rolling out its megabus concept across the US and Canada. The budget intercity service now links 72 locations across the continent.