Stagecoach on Friday said it will temporarily suspend its Megabus inter-city coach services in England and Wales, as the Government stepped in to help transport groups ride out the coronavirus crisis.
The London bus operator will wind down Megabus’s operations out of Victoria coach station by Sunday, although its smaller Scottish operation will continue.
The service, known for bargain ticket prices, was launched in 2003.
Passenger numbers industry-wide have been hit by travel restrictions during the virus lockdown.
The Government today pledged to pump nearly £400 million, including through grants, into the industry to keep it running.
Stagecoach said measures of Government support across the UK “reduce the risk of substantial ongoing operating losses”.
Shares in the firm edged up slightly, 0.5p to 66.9p, while other bus groups also saw gains. Shares in Go-Ahead increased 44.4p, or more than 5%, to 859.4p, and FirstGroup rose 0.42p to 47.92p.
Go-Ahead’s board and executive directors will take a 20% reduction in base salaries.
