Article: United Kingdom: Government to take over National Express East Coast franchise.

Byline: rakshali03

Secretary of State for Transport Lord Adonis announced on July 1 that the government was taking back control of the Inter-City East Coast franchise currently operated by National Express Group. The move followed publication of the group's pre-close trading statement ahead of its half-year results due on July 30, and the announcement that NEG Chief Executive Richard Bowker was standing down.

NEG had been looking for some time to renegotiate the terms of the East Coast franchise, which it took over in December 2007 following the failure of former franchisee GNER. NEG had committed to ambitious premium payments totalling [pounds ...

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