FirstGroup
plc has announced that First Manchester Limited, a wholly
owned indirect subsidiary of the Group, has agreed to acquire the
Manchester bus business from Finglands Coachways Limited for a
consideration of £50,000.
The
acquisition includes the lease of the existing depot in Rusholme,
existing service registrations and the transfer of approximately 100
employees. The fleet of 41 vehicles are not included in the sale
although some may be used in the short term to meet current service
commitments before new vehicles are introduced. The sale excludes the
Finglands coach business.
The
acquisition allows First Manchester to expand its successful bus
operations in the region. First Manchester currently operates around 700
buses and employs 2000 people. In the past 12 months First has lowered a
number of its fares in the Greater Manchester region by around 30% and
saw
passenger volume growth of around 8% in the three months between
April and June.
Commenting, Regional Managing Director for First in the North of England, Dave Alexander said:
“This
acquisition demonstrates our commitment to Greater Manchester and
represents an excellent opportunity to further grow bus passenger
volumes. It reflects our strategy of focusing on those areas that offer
the greatest potential for growth and will allow us to improve bus
networks for the communities we serve. We are looking forward, subject
to OFT clearance, to welcoming our new colleagues to FirstGroup.”
