Thu, 21 Oct 2010 | ADMINISTRATION
Transport giant Stagecoach has bought back its London bus operation four years after it sold it to Macquarie Bank.
Stagecoach scooped £264 million from the sale of East London Bus Group in 2006 and has just snapped it back up for £52.8 million after it fell into administration.
East London Bus group is the third largest operator in the capital, with 15 per cent of the market and runs 1,400 buses from ten depots.
Stagecoach chief executive Brian Souter believes they can turn around the underperforming business and cut back-office costs.
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