Acquisition of Matthews Coach Hire

FirstGroup plc (the `Group') is pleased to announce that it has acquired Matthews Coach Hire Limited (`Matthews'), an independent, family-owned coach and bus operator in Ireland, founded in 1995.

With a fleet of more than 40 vehicles that includes two newly-acquired electric coaches the business is built around the operation of six licensed, commercial routes between two key and rapidly growing commuter towns, Drogheda and Dundalk, to the northeast of Dublin. The acquisition includes the operator's freehold depot, located between Dublin and Belfast.

For the 12 months to August 2023, Matthews reported revenues of €8.8m and EBIT of €1.2m.

The acquisition complements our Aircoach business, provides increased access to the non-airport commuter market in Ireland, widens our stakeholder network and gives us the opportunity to diversify into local B2B markets.

Members of Matthews' leadership team will remain with the business to lead the day-to-day operations with oversight provided by Kim Swan, Managing Director, Aircoach and the wider First Bus leadership team.

Commenting on the acquisition, Graham Sutherland, FirstGroup Chief Executive Officer said:

"The acquisition of Matthews Coach Hire, an established, profitable business builds on our recent strategic acquisitions in First Bus. It will complement our existing operations and allow us to expand our presence in the non-airport commuter and B2B markets in Ireland and we look forward to taking the business forward."

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