- FirstGroup
- 25 October 2024 07:50:20
Source: Sharecast
The FTSE 250 passenger transport operator said Lakeside, which operates under local brands including Lakeside Coaches, Merediths Coaches and AT Brown Coaches, manages a fleet of around 145 vehicles.
It focuses primarily on school and private hire contracts, along with some tours and local bus operations.
FirstGroup said the acquisition would complement its existing portfolio and support its strategy to expand its coaching business, particularly in the West Midlands.
Lakeside generated revenue of £12.5m and EBIT of £2.5m for the year ending 31 March.
Neal Hall, Lakeside's managing director, would remain in his role, while Lakeside's current owner Gareth Davies would join First Bus to help develop the company's broader coaching strategy.
FirstGroup said its recent acquisitions, including Lakeside, now contributed combined annual revenue of £100m and EBIT of £13m.
The company said it was continuing to explore further growth opportunities through both organic expansion and additional acquisitions.
“The acquisition of Lakeside, a profitable business with excellent growth potential, builds on our recent acquisitions in First Bus,” said chief executive officer Graham Sutherland.
“The addition to our portfolio will not only grow our position in adjacent services, but it will also allow us to enter new regions which is key to the overall First Bus strategy.”
Reporting by Josh White for Sharecast.com.