FIRSTGROUP’S disastrous financial results must not be used as an excuse to asset-strip and attack working conditions, unions warned today.

The train and coach operator, which runs the Great Western, South Western and TransPennine rail franchises, as well as the Greyhound bus company in the United States, announced a £326 million loss, prompting the resignation of chief executive Tim O’Toole.

Ominously, finance chief Matthew Gregory said that “all options are on the table,” adding: “Our obligation is to maximise value for shareholders.”