Founders start reducing their Stagecoach shareholdings

Stagecoach West Scotland 50280 (YJ14 LFS) Van Hool Astromega
Stagecoach West Scotland 50280 (YJ14 LFS) Van Hool Astromega, one of the first Stagecoach vehicles to be painted in the group's yellow and gold 'distance' livery. MURDOCH CURRIE

Stagecoach co-founders Sir Brian Souter and Dame Ann Gloag have embarked on a ten-year plan to reduce their combined shareholding in the UK’s biggest bus group from 27.1% to 5%.

“My sister and I are reducing our families’ shareholdings in Stagecoach as part of a ten-year plan to rebalance our families’ investment portfolios. We remain significant long-term shareholders in Stagecoach and remain supportive of the company’s strategy and management team,” says Souter, who reached his 67th birthday on May 5. He stepped down as chairman at the end of 2019 when Gloag (78), latterly a non-executive director, retired from the board.

“I am happy to continue as a non-executive director of Stagecoach,” he adds. “I look forward to supporting the company as we recover from the impact of Covid-19 and play our part in helping government meet its objectives to grow bus patronage and tackle climate change in the years ahead.”

He is the only family member currently involved in the management of Stagecoach, which they founded in their home city of Perth in 1980 along with Gloag’s then husband, Robin Gloag, with four secondhand coaches. It was floated on the stock market in 1993 and today operates 8,300 buses, coaches and trams in Scotland, England and Wales.