Perth-based transport giant Stagecoach has backtracked on its decision to merge with National Express and agreed to a takeover by a German asset manager instead in a move described as “welcome” by local politicians.The new proposition to join with DWS Infrastructure, a division of Deutsche Bank, will still have to be approved by shareholders.
But the board believes the move will bring “certainty” to employees over their future, as overall headcounts are expected to remain the same under the deal.It’s understood the board sees Stagecoach as “an excellent fit” with DWS and the new £565 million deal as an opportunity to give the company access to “significant capital” to invest in its services going forward.But perhaps most importantly the takeover means Stagecoach’s current headquarters in Perth will be retained, an outcome local politicians have welcomed just a little over a week since it emerged OVO Energy was shedding 222 job at its own city headquarters.Perthshire North MSP John Swinney remarked yesterday: “This latest update from Stagecoach is welcome and will hopefully provide assurances to staff over the long-term security of their jobs.“I am also pleased that within these proposals there is a clear commitment to retain Stagecoach’s headquarters in Perth.“I am grateful to Stagecoach for providing this update and I will continue to monitor developments in the months ahead.”Perthshire South and Kinross-shire MP Jim Fairlie added: “The plan to merge with National Express would have seen the HQ moved to Birmingham which would have been a great loss to the city of Perth, especially coming at the same time as OVO is shutting down its presence on Dunkeld Road.“I am delighted that Stagecoach, a company that was created from
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