21st Oct 2024 09:11
(Alliance News) - FirstGroup PLC on Monday said it has bought Anderson Travel for an undisclosed price, aimed at expanding its coach services in and around London.
The Aberdeen-based public transport provider said Anderson Travel provides contracted school, private hire, mini coach and tour services around the UK's capital city.
The acquisition includes Anderson Travel Ltd, Anderson Tours Ltd and London Mini Coaches Ltd.
Anderson operators around 40 coaches in and around London from a depot near Tower Bridge and a new smaller depot near Heathrow Airport.
In the financial year that ended June 30, 2023, Anderson Travel reported earnings before interest and tax of GBP1.0 million on revenue of GBP7.3 million.
FirstGroup Chief Executive Officer Graham Sutherland said: "The acquisition of Anderson Travel, an experienced and profitable coach company, builds on our recent strategic acquisitions in the B2B and B2C coach market. We will continue to identify and assess opportunities to diversify and grow as we increase our share of the adjacent services market in the UK, where we see considerable opportunity for stable, long-term and value accretive growth."
The company aims to release its results for the six months that ended September 28 on November 14.
FirstGroup shares were 0.7% higher at 140.20 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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