1st Jun 2005 07:15
National Express Group PLC01 June 2005 Wednesday 1 June 2005 National Express Group PLC National Express Group purchases the London Bus Division of Tellings Golden Miller National Express Group PLC ("National Express") has agreed to purchase theLondon Bus Division of Tellings Golden Miller PLC ("TGM"), an AIM listedbusiness, for a cash consideration of £20.4 million to be funded from existingfunds. The sale is subject to the approval of TGM shareholders and is expectedto complete on 17th June 2005. TGM's London Bus Division, which is operated through two subsidiaries, TGM Busesand TGM Middlesex, had a turnover of £23.9 million and an operating profit of£2.1 million in the year ended 31st December 2004. As at 31st December 2004,TGM's London Bus Division had net assets of £4.8 million and debt liabilities of£2.7m. TGM's London Bus Division operates 16 Transport for London contracts and a smallnumber of contracts in Surrey. As part of the sale, National Express willacquire the TGM depot facilities at Twickenham, Hayes and Byfleet. The acquired businesses will be merged into the existing National Express Londonbus operations under the management of Travel London's Managing Director, PaulMcGowan. Commenting on the transaction, Phil White, Chief Executive of the NationalExpress Group said: "We are delighted to have acquired TGM's London busdivision. Since we entered this market in February 2004 we have been looking toincrease our market share. This transaction will double our presence in theLondon bus market. I welcome TGM's employees to the Group and look forward tointegrating the business and expanding further our London bus operations." - E ND S - Notes to Editors: National Express Group entered the London market in February 2004 through theacquisition of Connex Bus. The division currently operates out of three Londondepots in Battersea, Croydon and Walworth. For further information: Adam WalkerNicola MarsdenNational Express Group PLC 020 7529 2000 Andrew Dowler/Ben FosterFinancial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NEX.L