FIRSTGROUP has said its wholly-owned subsidiary, First South West Limited, has acquired the remaining 50 per cent shareholding in its Somerset Passenger Solutions joint venture.
The shares have been acquired from JJP Holdings (South West) Ltd, giving FirstGroup control over the business going forward in a deal worth £8.4 million, with potential deferred consideration of up to £1.6m.
SPS, which started in 2016 operates the contract to provide transport for workers employed at the Hinkley Point C nuclear power station near Bridgwater.
The company has grown to employ around 450 people running a 156 vehicle-strong operation, delivering shuttle services seven days a week to and from Hinkley Point C. It has annual revenues of £37m.
The gross assets of SPS were £9.62m, and the profits attributable to it were £3.95m, as at 31 December 2020.
FirstGroup said he purchase “forms part of the First Bus strategy to develop and grow its share of the business-to-business services market”.
FirstGroup shares closed down 2.72% or 2.45p, at 87.55p.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel