Go-Ahead Group acquires Northumberland Park bus depot
19 March 2012 • Source: Go-Ahead Group
The Go-Ahead Group plc is pleased to announce the acquisition of First London East’s Northumberland Park bus depot in Tottenham, north east London for a gross cash consideration of £14.0m. The transaction will be completed on 30 March 2012.
The acquisition increases Go-Ahead’s share of the London bus market from 22% to 23%.
The business has around 400 employees and a fleet of 130 buses. It operates 13 Transport for London contracts including route 67 from Wood Green to Aldgate, route 476 Euston to Northumberland Park and a number of school contracts. The annual turnover of the business is around £24.5m.
Northumberland Park will complement Go-Ahead’s existing Docklands Buses and Blue Triangle operations based in Silvertown and Rainham respectively.
David Brown, Group Chief Executive for Go-Ahead said: “We have great confidence in the London bus market and our management team in London and this acquisition provides the opportunity to operate in a new area of the capital. Northumberland Park is located near both Tottenham Hale and White Hart Lane, where regeneration is either planned or already underway.
“We look forward to working with the Northumberland Park team to build on their success to date and to continue to deliver a good service to passengers in this area of London on behalf of Transport for London.”
Northumberland Park will become part of Go-Ahead London, under the leadership of Managing Director John Trayner.