FirstGroup has purchased Lakeside Group in a remarkable second acquisition of a coach operator in short order.
The deal includes the Lakeside Coaches, Merediths Coaches and AT Brown Coaches brands. It brings around 145 vehicles into the new owner’s business, with multiple operating centres in Cheshire and Shropshire.
Lakeside Group’s primary base is in Ellesmere, Shropshire, and it has five smaller depots in Shrewsbury, Telford and South Cheshire. The operator has seen strong growth in recent years and for the 12-month period ending 31 March recorded revenues of approximately £12.5 million and earnings before interest and tax (EBIT) of c.£2.5 million.
Work includes school duties, business-to-business services and private hire, with the purchaser noting that the majority of revenue comes from home-to-school operations and private hire. The remainder is drawn from tours, a small local bus operation under contract to Shropshire County Council, and B2B.
Lakeside Group Managing Director Neal Hall will continue to manage the business on a day-to-day basis. Previous owner Gareth Davies will join First Bus “to support the ongoing development of its wider coaching strategy,” the buyer says. Lakeside Coaches was crowned Large Coach Operator of the Year at the 2023 routeone Awards.
Acquisition of Lakeside Group by FirstGroup follows hot on the heels of the purchase of London operator Anderson Travel, and a deal for York Pullman earlier in 2024. It bought Purfleet-based bus operator and dealership Ensignbus in 2023.
“The acquisitions we have made in recent years, in line with our stated strategy to grow and diversify the First Bus portfolio, now represent combined annualised revenues of c.£100 million and EBIT of c.£13 million, and we continue to evaluate a pipeline of organic and inorganic growth opportunities,” the business says.
Adds Chief Executive Graham Sutherland: “The acquisition of Lakeside, a profitable business with excellent growth potential, builds on our recent acquisitions in First Bus.
“The addition to our portfolio will not only grow our position in adjacent services, but will also allow us to enter new regions, which is key to the overall First Bus strategy.”
