Scottish bus company unveils major deal in 'key market'
The [[Aberdeen]] group, noting Tetley's is a "profitable" business in a "key" market, observed this depot is 'adjacent to the…existing First Bus Hunslet Park depot'.
Tetley's has a fleet of 55 coaches and buses and 'a diverse portfolio of high-capacity adjacent services contracts including for schools, universities, workplace shuttles and private hire in central Leeds and throughout the West Yorkshire Combined Authority area', FirstGroup observed.
The Scottish company added that a 'high proportion' of the contract portfolio of Tetley's has recently been renewed.
For the 12 months to March 31, 2024, Tetley's reported revenues of £5.3 million and earnings before interest and tax (EBIT) of £1.4m.
FirstGroup said that Ian Tetley, managing director of Tetley's, will 'remain with the business as a director while it is integrated into First Bus'.
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Graham Sutherland, chief executive of FirstGroup, said: 'I am very pleased to welcome Tetley's Coaches to the group. This is a well-established, profitable business with its own large, centrally located depot and a strong contract base.
'As we work to grow our adjacent services market share, this strategic acquisition will complement our York Pullman and Lakeside businesses and expand our operational footprint and contract portfolio in one of our key markets.'
FirstGroup has unveiled a slew of acquisitions in recent months.
At the end of February, it completed the purchase of RATP Dev Transit London Limited and its subsidiaries, declaring that the acquisition of this major operator owned by the French government facilitated 'the group's entry into the London bus market with a strong position and supports the group's strategy of growing and diversifying its revenue base'.
Also in February, FirstGroup announced the purchase of a family-owned coach and bus operator in Ireland founded about three decades ago, Matthews Coach Hire.
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