Transport to compete with National Express, who would ironically later purchase WMT. One of the largest pieces of competition came from competition between MTL and GM Buses South, with both operators setting up operations in each other's areas. This led to both operators losing money, and was ended in a gentleman's agreement. A similar tit for tat occurred between SYT and West Riding Buses, using investment in Compass Travel and new operation Sheffield & District respectively. Several of the companies had difficulties in competing or upgrading their fleets due to repayments due to be made on loans made to finance the privatisations. Stagecoach Group adopted a strategy of taking minority stakes in the new companies. At Mainline, a 20% stake was taken to assist in financing fleet upgrades, and to give Stagecoach first refusal in any event that the company was sold. Stagecoach also took a 20% stake in SB Holdings, Strathclyde's owning company, ostensibly to prevent imminent competition from Stagecoach West Scotland. Following a Monopolies & Mergers Commission inquiry investigating the Darlington Bus War, Stagecoach sold its stakes in both SBL Holdings and Mainline to FirstGroup. Sell out to the major groups Despite their large fleets and high density operating areas, most of the former PTE groups were eventually surpassed by the growth of the emerging national bus groups. MTL was arguably the most successful former PTE, acquiring one of the former London Buses subsidiaries, London Northern (and expanding the operation), and securing two rail franchises (Merseyrail Electrics and Regional Railways North East), surviving the longest. However, even MTL was later declared bankrupt in 1999, and the majority of the business was acquired by Arriva. FirstGroup was by far the most successful national group at acquiring former PTE bus companies. The former PTE companies were sold to national groups as follows: Mainline (ex SYT) sold to First South Yorkshire in 1998 Yorkshire Rider sold to Badgerline in 1994 West Midlands Travel sold to National Express in 1995 Strathclyde Buses sold to First Glasgow in 1996 GM Buses North sold to First Manchester in 1996 GM Buses South sold to Stagecoach Manchester in 1996 MTL bought as a bankrupt concern by Arriva in 2000 Busways sold to Stagecoach North East in 1994 Liveries As a result of the rebranding, nearly all the bus companies produces bright new liveries, to contrast with the more understated liveries of the PTE operations. Several