However the moves by MTL and GM Buses (North/South) into Greater Manchester and Merseyside were highly unprofitable and as such a controversial 'gentlemen's agreement' was signed between MTL and GM Buses North/South in June 1995, which saw MTL pull out of much of Greater Manchester - with the exception of Wigan and Leigh near to Lancashire Travel's St Helens depot and GM Buses North/South from all of Merseyside - including its well established 34 (Liverpool - Manchester Express) and 320 (Liverpool - Wigan) services which severed some important links between the two conurbations. This agreement was subject to a 1995/96 Monopolies & Mergers Commission study which found MTL, GM Buses North/South, North Western and other Merseyside bus operators in collusion and in breach of fair trade resulting in fines for all concerned. By that time GM Buses (South) had been acquired by Stagecoach and re-branded Stagecoach Manchester and GM Buses (North) by FirstBus. MTL maintained the Lancashire Travel branding for the St Helens depot however MTL North fleetnames were used by St Helens from the Spring of 1998 right up to the acquisition of MTL by Arriva in February 2000.