Aberdeen-based transport group FirstGroup plc announced that its subsidiary First South West Limited has acquired the remaining 50% shareholding in its Somerset Passenger Solutions Ltd (SPS) joint venture.
The shares have been acquired from JJP Holdings (South West) Limited (JJPH), giving FirstGroup control of the business.
“The consideration, being funded from FirstGroup’s existing cash resources, is £8.4m, paid on completion, with potential deferred consideration of up to £1.6m if certain conditions are met,” said the Aberdeen company.
“SPS, which started in 2016 as a joint venture with 50/50 ownership between First South West Limited, and Somerset-based JJPH, operates the contract to provide transport for workers employed at the Hinkley Point C nuclear power station near Bridgwater.
“The company has grown in accordance with the increasing amount of work on site and now employs around 450 people running a 156 vehicle-strong operation, delivering shuttle services seven days a week to and from Hinkley Point C.
“The business has annual revenues of approximately £37.0m.
“The purchase of the remaining 50% of SPS shares forms part of the First Bus strategy to develop and grow its share of the business-to-business services market.”