Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FirstGroup buys York Pullman Bus Co for undisclosed sum

(Sharecast News) - FirstGroup on Friday signed a deal to buy York Pullman Bus Company for an undisclosed sum. York Pullman provides home-to-school and college contracted services and private hire operations including rail replacement services, and operates a small number of local bus routes on behalf of several local authorities.

It has a mixed fleet of more than 130 vehicles with varying passenger capacity which has enabled it to build a broad range of customers. For the year ended to December 2022, York Pullman reported revenues of around £10m and profit before interest and tax of £2m.

"York Pullman has a strong presence in regional and adjacent services operations in York and surrounding towns in North Yorkshire. The acquisition plays strongly into the group's strategy, providing profitable growth opportunities in adjacent services contracted and commercial markets, with the ability to develop this into other locations across the UK," gthe company said in a statement.

Tom James, managing Director of York Pullman, will remain with the company in the same post and continue to run it on a standalone basis, as well as contributing to the development of the First Bus coach services growth strategy.

FirstGroup said that it expected its fiscal 2024 year-end adjusted net cash position would be £60-70m, with around £30m of the ongoing share buyback programme still to be completed.

Reporting by Frank Prenesti for Sharecast.com

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.