FirstGroup Plc (FGP.L,FGROF.PK,FGROY.PK) Thursday said that it has acquired the UK sightseeing bus operations of RATP Développement SA for about 17 million pounds, thus expanding its First Bus business in London and Bath. The operations, which are now under the brand Tootbus, include 63 buses, a freehold depot in Wandsworth, a leased depot in Keynsham, and employ 190 people.
The Scotland-based public transport operator said that among the UK sightseeing operations, the London operations is one of the city's five main sightseeing bus providers, and the Bath business also runs the Airdecker service to Bristol Airport.
FirstGroup said that the acquired businesses are expected to post a small loss in the initial days before reporting profit. The company expects annual revenues of around 30 million pounds by fiscal 2029, helped by growth in First Bus London's TfL contract portfolio, with new route bids planned from the Wandsworth depot.
The company said that the deal will be funded from existing cash, and it now forecasts adjusted net debt of 140 million pounds to 150 million pounds in fiscal 2026. According to FirstGroup, the Tootbus integration will be led by Bill Cahill from First Bus London and Doug Claringbold from First Bus West of England.
On the LSE, FGP.L is up 1.9 percent on Thursday's trading at 186.70 pence.
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