FirstGroup acquires Shropshire-based Lakeside Group

FirstGroup

FirstGroup plc (LON:FGP) has announced that it has acquired Shropshire-based Lakeside Group comprising well recognised local brands Lakeside Coaches, Merediths Coaches and A. T. Brown Coaches.

  • FirstGroup has acquired Lakeside Group, a profitable, well-established Shropshire and Cheshire-based company that provides school, B2B and B2C private hire services, with a fleet of c.145 buses and coaches
  • Complementing the recent additions to the First Bus portfolio, this strategic acquisition will allow us to grow our coaching business and offers the potential to increase our presence in the West Midlands

Lakeside operates a fleet of c.145 buses and coaches of various sizes primarily from a central, owned depot in Ellesmere, Shropshire and from five smaller depots – one owned in Shrewsbury and the others leased – in Shropshire, Telford and South Cheshire.

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. The business has grown significantly over recent years, both organically and inorganically, and has retained strong levels of profitability. For the year ended 31 March 2024, Lakeside delivered revenues of c.£12.5m and EBIT of c.£2.5m.

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.

The acquisitions we have made in recent years, in line with our stated strategy to grow and diversify the First Bus portfolio, now represent combined annualised revenues of c.£100m and EBIT of c.£13m and we continue to evaluate a pipeline of organic and inorganic growth opportunities.

Graham Sutherland, FirstGroup Chief Executive Officer 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.”

Share on:
Find more news, interviews, share price & company profile here for:

    Fidelity Japan Trust May Factsheet – Valuation multiples at historical lows

    Japanese equities rose in May, supported by global risk appetite, strong tech earnings, and a weaker yen. Growth and cyclical stocks led gains, while defensive sectors lagged.

    Fidelity European Trust May Factsheet – European equities moved higher

    European equities rose in May amid volatility linked to US trade uncertainty. Fidelity European Trust underperformed the index, mainly due to weak positions in consumer sectors.

    UK investment trust, Fidelity Special Values achieves 18.5% annual return

    With trade breakthroughs, rate cuts and strong sector leadership, UK equities gained momentum in May, helping the Trust outperform both its index and deliver compelling double-digit returns over the year.

    Top China fund FCSS posts 15.1% share price gain

    China’s resilient economic momentum and targeted stimulus provided a constructive backdrop, with standout gains from AI and fintech holdings helping the Trust deliver a strong double-digit NAV rise over the year.

    Dekel Agri-Vision secures £2.3M backing ahead of strategic vote

    Dekel Agri-Vision closes an oversubscribed £2.33 million fundraise with strong director and institutional support, setting the stage for a pivotal shareholder meeting in July.

    Arc Minerals resets the clock with a fresh strategic horizon

    Arc Minerals delivers its 2024 results and outlines new exploration momentum in Zambia and Botswana, as its Anglo American joint venture and Chingola acquisition set the stage for renewed investor focus.

      Search

      Search