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The incident took place at around 6.45pm on the 300 or 301 bus.
It is believed the offender reached into the pocket of another passenger whilst they were asleep and took their black Apple iPhone 4. The offender then got off the bus on the Great North Road and made off on foot at speed towards the Citroen garage with a second man.
The offender is described as a black man, around 5ft 10ins tall and aged between 18 and 19 years old. The second man was described as of Asian appearance, also 5ft 10ins tall and aged between 18 and 19 years old.
If you were on the bus at the time or saw the men running away you are asked to contact DC Glen Turrell-Oldacre via the non-emergency number on 0845 33 00 222.