FirstGroup buys coach operator Anderson Travel for undisclosed sum

21st Oct 2024 07:47

(Sharecast News) - FirstGroup said on Monday that it has bought coach operator Anderson Travel for an undisclosed sum.

Anderson Travel comprises three trading entities: Anderson Travel Limited, Anderson Tours Limited and London Mini Coaches Limited.

FirstGroup said the deal will extend First Bus' operational footprint and forms part of the group's strategy of targeted acquisitions to grow its share of the UK adjacent services market.

Anderson Travel currently operates around 40 coaches of varying sizes in and around London from a depot near Tower Bridge in central London and a new, smaller depot near Heathrow airport.

Operations include school and other private hire contracts in London, contracted mini coach operations around Heathrow airport, a day trip excursion programme aimed at international visitors run out of London daily, and a private group tour offering.

For the year ended 30 June 2023, the business reported revenues of £7.3m and earnings before interest and tax of £1.0m.

FirstGroup said that founder and majority owner Mark Anderson will continue to lead the day to day operations of the business as it is integrated into First Bus.

Chief executive Graham Sutherland said: "The acquisition of Anderson Travel, an experienced and profitable coach company, builds on our recent strategic acquisitions in the B2B and B2C coach market.

"We will continue to identify and assess opportunities to diversify and grow as we increase our share of the adjacent services market in the UK, where we see considerable opportunity for stable, long-term and value accretive growth."