"FirstGroup has bought a sightseeing bus operator in London and Bath and the FTSE 250 firm told shareholders they have acquired the French company RATP Development SA for £17 million. The sightseeing bus company is run under Tootbus brand and has 63 busses, with 21 in Bath and 42 in London, which has a large freehold depot in Wandsworth, London and in Keynsham, Bath"
"In 2023 Tootbus reported revenues of £15.9 million and delivered an operating loss of around £600,000. Graham Sutherland, FirstGroup chief executive, said, "The acquisition of the bus operations in London and Bath, in line with our UK-focused growth and diversification strategy, will allow us to further diversify and expand our footprint in two of our key markets. "The integration of the businesses will also create material operational and cost synergies and the opportunity to grow our London route portfolio over time.""
FirstGroup purchased RATP Development SA's sightseeing bus business operating under the Tootbus brand in London and Bath for £17 million. The acquired fleet comprises 63 buses, with 42 in London and 21 in Bath, and includes a large freehold depot in Wandsworth and facilities in Keynsham. Tootbus reported revenues of £15.9 million in 2023 and an operating loss of about £600,000. FirstGroup expects the acquisition to support a UK-focused growth and diversification strategy, to create operational and cost synergies, and to provide opportunities to expand its London route portfolio over time.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]