Sir Brian Souter

The Scottish siblings launched the business in 1980 and are now selling their 27.1% stake in the group. The two intend to reduce their combined shareholding to 5% over the next decade.

Stagecoach shares dropped by more than 7%c as the two offloaded a 2.5% stake yesterday, worth about £12 million.

Sir Brian and Dame Ann capitalised on the privatisation of the UK’s bus market in the 80s by launching bus routes between Scotland and London using second-hand buses.

Sir Brian stepped down as chairman of Stagecoach two years ago but remained on the firm’s board. Dame Ann retired at the same time, The Daily Telegraph reports.

Sir Brian said yesterday: “My sister, Dame Ann Gloag, and I are reducing our families’ shareholdings in Stagecoach as part of a 10-year plan to rebalance our families’ investment portfolios.

“We remain significant long-term shareholders in Stagecoach and remain supportive of the company’s strategy and management team.

“I look forward to supporting the company as we recover from the impact of Covid-19 and play our part in helping the Government meet its objectives to grow bus patronage and tackle climate change in the years ahead.”

A spokesman for Stagecoach added: “For many years, Sir Brian Souter and Dame Ann Gloag have had a significant and diverse portfolio of investments and charitable interests, which they have balanced over time.

“Our co-founders, along with our other major investors, remain significant long-term shareholders in the company and supportive of our strategy and management team.”