One of the last big British-owned automotive companies has fallen to a foreign takeover that will net Sir Brian Souter, the Stagecoach tycoon, and his sister Dame Ann Gloag £175 million. Alexander Dennis, best known as a maker of London red buses and reckoned to have the largest share of the UK bus market, has been bought by NFI Group, of Canada, for £320 million. Fears for the future of Alexander Dennis’s 2,600 UK workers in Falkirk in Scotland, Guildford in Surrey and Scarborough in North Yorkshire were allayed by the company’s executives, who are also significant shareholders. They said that NFI wanted to continue to invest in the British operations. Alexander Dennis was bought by Sir Brian, 65, Sir Angus Grossart, 82, the Edinburgh-based…

Source: The Times May 28, 2019 23:12 UTC