Belfast Telegraph

Stagecoach sells stake in New York City bus tours firm Twin America

Stagecoach has sold its stake in a US joint venture that operates sightseeing bus services in New York City.

The train and bus operator said it has offloaded its interest in Twin America to partner City Sights for an undisclosed sum.

Twin America began operating in 2009 and Stagecoach North America held 50% of the voting rights and 60% of the economic rights.

"Stagecoach Group confirms that it has sold its interest in the Twin America LLC joint venture for an undisclosed sum," the group said in a statement.

In December Stagecoach said slowing economic growth, the Brexit vote and terrorism had begun to take their toll on the company's UK rail division.

The group said revenue was also hit by poor weather, competition from airlines and lower petrol prices, meaning more people opted to drive than take public transport.

The company operates routes such as South West Trains, East Midlands Trains, Virgin Trains East Coast and Virgin Rail Group's West Coast franchise.