FGP Firstgroup Plc

 
TIDMFGP 
 
FIRSTGROUP PLC 
     ACQUISITION OF REMAINING SHAREHOLDING IN SOMERSET PASSENGER SOLUTIONS 
 
FirstGroup plc ('FirstGroup') is pleased to announce that its wholly-owned 
subsidiary, First South West Limited, has acquired the remaining 50% 
shareholding in its Somerset Passenger Solutions Ltd ('SPS') joint venture. The 
shares have been acquired from JJP Holdings (South West) Limited ('JJPH'), 
giving FirstGroup control over the business going forward. The consideration, 
being funded from FirstGroup's existing cash resources, is £8.4m, paid on 
completion, with potential deferred consideration of up to £1.6m if certain 
conditions are met. 
 
SPS, which started in 2016 as a joint venture with 50/50 ownership between 
First South West Limited, and Somerset-based JJPH, operates the contract to 
provide transport for workers employed at the Hinkley Point C nuclear power 
station near Bridgwater. 
 
The company has grown in accordance with the increasing amount of work on site 
and now employs around 450 people running a 156 vehicle-strong operation, 
delivering shuttle services seven days a week to and from Hinkley Point C. The 
business has annual revenues of approximately £37.0m. The purchase of the 
remaining 50% of SPS shares forms part of the First Bus strategy to develop and 
grow its share of the business-to-business services market. 
 
The acquisition constitutes a Class 2 transaction pursuant to the UK Listing 
Rules. For the purposes of the LR 10.4.1 R (Notification of class 2 
transactions), as at 31 December 2020, the gross assets of SPS were £9.62m, and 
the profits attributable to it were £3.95m. 
 
Contacts at FirstGroup:                  Contacts at Brunswick PR: 
Faisal Tabbah, Head of Investor          Andrew Porter / Simone Selzer 
Relations                                Tel: +44 (0) 20 7404 5959 
Stuart Butchers, Group Head of 
Communications 
corporate.comms@firstgroup.com 
Tel: +44 (0) 20 7725 3354 
 
Notes 
 
Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as per DTR 
6 Annex 1R: 3.1. 
 
FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public 
transport services. With £4.3 billion in revenue and around 30,000 employees, 
our UK divisions transported nearly 700,000 passengers a day in the 52 weeks to 
27 March 2021. First Bus is the second largest regional bus operator in the UK, 
serving two-thirds of the UK's 15 largest conurbations with a fleet of c.5,000 
buses. First Rail is the UK's largest rail operator, with many years of 
experience running long-distance, commuter, regional and sleeper rail services. 
We operate a fleet of c.3,750 rail vehicles on four contracted operations 
(Avanti, GWR, SWR, TPE) and two open access routes (Hull Trains and Lumo, our 
new East Coast service launching later in 2021). We also operate Greyhound, the 
only national operator of scheduled intercity coaches in the US, with a unique 
network of 2,300 destinations and an iconic brand. We create solutions that 
reduce complexity, making travel smoother and life easier. Our businesses are 
at the heart of our communities and the essential services we provide are 
critical to delivering wider economic, social and environmental goals. We are 
formally committed to operating a zero-emission First Bus fleet by 2035 and to 
cease purchasing further diesel buses after 2022; and First Rail will help 
support the UK Government's goal to remove all diesel-only trains from service 
by 2040. Visit our website at www.firstgroupplc.com and follow us 
@firstgroupplc on Twitter. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 04, 2021 02:00 ET (06:00 GMT)

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