Glenvale operates local bus services in Merseyside. The Company was formed in July 2001 as a result of a management buy-in of Gillmoss bus depot from Arriva plc. Glenvale now operates from two depots in North East Liverpool and has an annualised turnover of approximately £25 million.

The consideration paid for the shares was £3.4 million in cash, and Stagecoach has assumed Glenvale's net debt of £7.8 million. The consolidated net debt of Stagecoach will therefore increase by £11.2 million as a result of the acquisition.

In addition, Stagecoach intends to modernise Glenvale's fleet of vehicles, which will result in some additional capital expenditure during the financial year ending 30 April 2006.

Brian Souter, Chief Executive of Stagecoach commented: "Glenvale is a substantial independent city-centre bus operator, and it is an excellent strategic fit with Stagecoach's successful UK Bus division. We are excited by the opportunities to grow revenue and improve profitability at Glenvale through innovation, investment and by applying Stagecoach's operational expertise. Stagecoach has demonstrated its ability to deliver impressive growth in its UK Bus division as a result of initiatives including Kick Start, sector-leading telemarketing campaigns and online sales. In our recently reported results for the year ended 30 April 2005, turnover in our UK Bus division was up 10.8%."