text: 1990s Starting in early 1990s, National Express' financial performance began to deteriorate; this led to a new management team taking over the company in July 1991 which had the backing of ECI Partners, a mid-market private equity firm. The new team refocused the group on its core activities, leading to the sale of Crosville Wales to British Bus. During October 1991, it purchased Speedlink, an operator of coach services between Gatwick and Heathrow Airports. In December 1992, National Express Group plc was floated on the London Stock Exchange.
  In 1993, Scottish Citylink, Eurolines and East Midlands Airport were acquired. During April 1995, National Express purchased West Midlands Travel, the formerly council-owned bus network of Birmingham and the West Midlands; it was rebranded Travel West Midlands in September 1996. This move began the brand family of Travel ... local bus operations. Bournemouth Airport was acquired in April 1995.
  During April 1996, National Express commenced operating its first UK railway franchises, Gatwick Express and Midland Mainline. One year later, three other franchises were awarded, these being Silverlink, Central Trains and ScotRail. To comply with a Monopolies & Mergers Commission ruling on it winning the ScotRail franchise, National Express sold the Scottish Citylink operation to Metroline in August 1998.
  In February 1997, Taybus Public Transport was acquired and rebranded Travel Dundee.