Mon, 29 Jan 2024 | BUSINESS SALE
Aberdeen-based transport firm FirstGroup has acquired York Pullman Bus Company in a deal that significantly expands the footprint of its First Bus division in North Yorkshire. York Pullman has a fleet of more than 130 vehicles and comprises five well-established coach services brands.
The company provides services including home-to-school and college-contracted operations and private hire services such as rail replacement buses. The company also operates several local bus routes for a number of local authorities, with these services said to be complementary to First Bus’ existing York operations.
In the year to December 31 2022, York Pullman reported approximately £10 million in revenue, with earnings before interest and tax standing at around £2 million. Upon the completion of the deal, FirstGroup anticipates a year-end adjusted net cash position of between £60 million and £70 million, with around £30 million of the group’s ongoing share buyback programme yet to be completed.
Following the acquisition, which is subject to regulatory approval, Managing Director Tom James will remain in his role and continue running York Pullman as a standalone operation. James will also reportedly contribute to developing the growth strategy of First Bus’ coach services, highlighting synergy benefits, with support from First Bus’ executive team.
Graham Sutherland, Chief Executive of FirstGroup, said: “A key pillar of our strategy is to grow and diversify our portfolio. The acquisition of York Pullman, a long-established, high-performing business fits well with our strategy as it will both enhance the First Bus operational footprint in North Yorkshire and expand our adjacent services business, where we are looking to grow our presence.”
Tom James added: “This is an important step in the development of York Pullman to build on its success and ensure its sustainability for the future within FirstGroup, whilst retaining its identity and core values.”
Could an interest rate cut lead to a surge of M&A activity involving SMEs?
Renowned interior design and furnishings business, typically operating along the South Coast, includes home counties, and up to the M4 corridor. Typically working with the smaller developers in respect of new build developments, with recommendations...
Established in 1996, this business started as a hair salon and in 2000 had expanded into the premises next door and the flat above.
With an impressive 70 year track record of industry experience, the company caters to both trade customers and the general public. Holding essential licenses, including a Waste Disposal Licence, a Scrap Metal Dealers Licence, and classification as a...
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
10
|
Apr
|
FirstGroup sells off bus depots | BUSINESS SALE
FirstGroup has sold off a total of eight bus depots as part ...
24
|
May
|
FirstGroup to sell off poor performing operations | DIVISION SALE
FirstGroup has decided to sell off another chunk of its unde...
03
|
May
|
Stagecoach purchase of FirstGroup comes under spotlight | BUSINESS SALE
The proposed purchase by Perth-based Stagecoach of its rival...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.