Acquisition(s)

FirstGroup plc (the `Group') today announces that it has acquired Tetley's Motor Services Limited (`Tetley's Coaches'), a Leeds-based coach and bus operator that has been in operation for over 75 years.

Tetley's Coaches operates from a large depot which it owns in Central Leeds, adjacent to the Group's existing First Bus Hunslet Park depot. It 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. A high proportion of the contract portfolio has been recently renewed.

For the 12 months to 31 March 2024, Tetley's reported revenues of £5.3m and EBIT of £1.4m.

Managing Director Ian Tetley will remain with the business as a Director while it is integrated into First Bus.

Commenting on the acquisition, Graham Sutherland, FirstGroup Chief Executive Officer 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."

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