Sale of York Pullman to FirstGroup was successfully completed in late February, the purchaser confirmed in a pre-close trading update on 12 March.
It follows conclusion of a regulatory review after announcement in January of the deal, which includes York Pullman’s five coach brands.
FirstGroup has reaffirmed its view that the acquisition will provide “profitable growth opportunities” and highlights that it will also deliver scope “for development into other locations across the UK.” The buyer had previously noted York Pullman’s strong position in B2B services in York and North Yorkshire
Financial details of the sale have not been disclosed. York Pullman was assisted by business advisory specialist Azets throughout the sale process. That supplier notes that it dealt with the marketing of the operator, negotiation, and tax support.
Azets engaged closely with York Pullman Managing Director Tom James (pictured, right), who remains with the business under its new ownership. Azets Yorkshire Corporate Finance Partner Nick Barker (pictured, second from right) says it was “a privilege” to work with Mr James on the sale.
He adds: “Through Tom’s expert guidance, [York Pullman] has grown to hold a dominant position as the leading independent coach and bus operator in the local market.
“It was particularly important that we found a partner that shared that same integrity and values that have made the business such a success, and I am delighted that in FirstGroup, we have found a new owner that is committed to continuing the name and good work of York Pullman.”
Also advising was regional law firm Andrew Jackson. Mr James has thanked both businesses for their support in completing the deal, noting that it “will enable York Pullman to build and grow on its successes as it looks towards an exciting future with FirstGroup.”
Across all brands involved, the sale has brought more than 130 vehicles into FirstGroup ownership.
