The powerful Spanish dynasty which holds the largest stake in Mobico Group has upped its stake in the embattled transport firm amid ongoing share price struggles.
The Cosmen family, the original founders of the National Express owners’ Spanish bus division Alsa, has increased its stake to 21.1 per cent, from 20.2 per cent.
Northern Express Enterprises, another entity which appears to be linked to the Cosmens, holds a further three per cent, suggesting a combined stake of 24.1 per cent.
The Cosmen family sold Alsa to National Express in 2005 and Jorge Cosmen currently sits as Alsa’s non-executive chair, having previously held the role in an executive capacity before the takeover.
It comes after the transport dynasty prompted a share price rally in December after upping its stake from 12 to 20.4 per cent alongside an investment from Spain’s Azvalor Asset Management.
“We believe the increase in the family’s shareholding reflects a combination of seeking a blocking minority position to prevent a low-ball takeover offer, and taking advantage of the depressed share price,” Liberum analyst Gerald Khoo said in a note.
Mobico Group has suffered a torrid year since it rebranded from National Express in June 2023. Save December’s rally, shares have fallen consistently and are down 30 per cent in the past month and nearly 60 per cent over the last 12.
Rising costs, particularly in its North American school bus segment, have drained cash alongside a near-billion pound debt pile.
Mobico also saw shares plummet in the first quarter of 2024 after it was forced to delay publication of its full-year results twice due to accounting issues in its German rail business. The problems, caused by changes to indices used by Germany’s statistics office, ultimately resulted in the departure of chief financial officer, James Stamp.
Mobico Group have been approached for comment.