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National Express (NEX)


Wednesday 01 June, 2005

National Express


National Express Group PLC
01 June 2005

Wednesday 1 June 2005

                            National Express Group PLC

            National Express Group purchases the London Bus Division
                          of Tellings Golden Miller

National Express Group PLC ('National Express') has agreed to purchase the
London Bus Division of Tellings Golden Miller PLC ('TGM'), an AIM listed
business, for a cash consideration of £20.4 million to be funded from existing
funds. The sale is subject to the approval of TGM shareholders and is expected
to complete on 17th June 2005.

TGM's London Bus Division, which is operated through two subsidiaries, TGM Buses
and TGM Middlesex, had a turnover of £23.9 million and an operating profit of
£2.1 million in the year ended 31st December 2004.  As at 31st December 2004,
TGM's London Bus Division had net assets of £4.8 million and debt liabilities of

TGM's London Bus Division operates 16 Transport for London contracts and a small
number of contracts in Surrey.  As part of the sale, National Express will
acquire the TGM depot facilities at Twickenham, Hayes and Byfleet.

The acquired businesses will be merged into the existing National Express London
bus operations under the management of Travel London's Managing Director, Paul

Commenting on the transaction, Phil White, Chief Executive of the National
Express Group said: 'We are delighted to have acquired TGM's London bus
division.  Since we entered this market in February 2004 we have been looking to
increase our market share.  This transaction will double our presence in the
London bus market. I welcome TGM's employees to the Group and look forward to
integrating the business and expanding further our London bus operations.'

                                   - E ND S -

Notes to Editors:

National Express Group entered the London market in February 2004 through the
acquisition of Connex Bus.  The division currently operates out of three London
depots in Battersea, Croydon and Walworth.

For further information:

Adam Walker
Nicola Marsden
National Express Group PLC                              020 7529 2000

Andrew Dowler/Ben Foster
Financial Dynamics                                      020 7831 3113

                      This information is provided by RNS
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