29 June 2007
Go-Ahead announces that it has, through its London General bus subsidiary, acquired Blue Triangle Buses Limited ('Blue Triangle'), an independent London bus operator, for a total cash consideration of £12.0 million, on a debt free and cash free basis.
Based from a single depot in Rainham, Essex, Blue Triangle operates a fleet of approximately 60 vehicles on eight Transport for London contracts and nine contracts for Essex County Council, together with rail replacement services. The business generated adjusted operating profit of approximately £1.0 million on revenue of £10.7 million in the year ended 30 June 2006, since which it has won three new contracts. The acquisition significantly expands Go-Ahead's footprint in the important East London bus market following the acquisition of Docklands Minibuses Limited in September 2006.
Commenting on the acquisition, Keith Ludeman, Chief Executive of the Group, said:
'The acquisition of Blue Triangle represents an important step for us in East London and complements the continuing strong organic growth of our London Bus business which remains at the top of the TfL quality league tables'
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For further information, please contact:
The Go-Ahead Group plc
Keith Ludeman, Group Chief Executive 020 8929 8650
Ian Butcher, Group Finance Director 0191 232 3123
Weber Shandwick Financial 020 7067 0700
Richard Hews/Rachel Taylor/Hannah Marwood
Note to Editors:
The group's bus division operates over 3,600 buses, providing over 505 million passenger journeys and covering around 236 million vehicle kilometres each year. Operations fall into four main geographical areas: deregulated services in north east; deregulated services in West Midlands; deregulated services in south east / southern England; and regulated services for Transport for London in the capital. The newest additions to this division are Dockland Minibuses and Marchwood buses.
The Group's rail division operates a fleet of 630 trains on which over 280 million passenger journeys are undertaken. Concentrated in the south east of England both our existing franchises, Southern and Southeastern, operate a mix of suburban commuter and mainline routes throughout south London, Kent, Surrey and Sussex. The Southeastern franchise will include the operation of new high speed trains on the domestic Channel Tunnel Rail Link into St Pancras from 2009. Last week it was announced that the Group will also operate the Gatwick Express from June 2008 and the West Midlands franchise from November 2007.
The group's aviation services division undertakes a wide range of support services for national and international airlines. Services provided include cargo handling, passenger check-in, baggage handling, information desks, executive lounges, ground handling and customs clearance. In the last year 45 million passengers were handled as well as over half a million aircraft movements. The division includes Meteor Parking which is the second largest parking company in the UK, managing over 58,000 parking spaces predominantly at BAA airports, with a range of customers, including BAA, local authorities, retail outlets, NHS trusts, hotels and rail stations. Well known brands include 'Pink Elephant', 'Park 1' and 'eparking'.