Aberdeen-based First Group has completed the acquisition of another English rival - its second major deal in just five days.
The Granite City transport giant has bought the Lakeside Group in a deal which gives it 145 new vehicles and a foothold in the Shropshire and Cheshire markets.
The deal comes less than a week after First bought London-based Anderson Travel as it drives into new UK regions.
FirstGroup CEO Graham Sutherland said: “The acquisition of Lakeside, a profitable business with excellent growth potential, builds on our recent acquisitions in First Bus.
"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.”
The majority of Lakeside’s revenue is derived from school and private hire contracts, with the remaining revenue coming from tours, a small local bus operation under contract to Shropshire County Council, and B2B operations.
For the year ended 31st March 2024, Lakeside delivered revenues of £12.5million and EBIT of £2.5million.
Neal Hall, the managing director of Lakeside, will continue to manage the business on a day-to-day basis going forward.
Gareth Davies, the owner of Lakeside, will continue to lead the business and will join First Bus to support the ongoing development of its wider coaching strategy.
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Companies reporting today
Natwest - Q3 interim management statement