FirstGroup PLC (LSE:FGP) has acquired Tetley's Motor Services Limited, a Leeds-based coach and bus operator with a fleet of 55 vehicles and a long-established portfolio of school, university, and private hire contracts.
The acquisition strengthens First Bus’s presence in West Yorkshire. Tetley's operates from a depot adjacent to First Bus's existing Hunslet Park site.
Tetley's, in its financial year ended 31 March 2024, had £5.3 million in revenue and £1.4 million of earnings (EBIT).
“This is a well-established, profitable business with its own large, centrally located depot,” said FirstGroup chief executive Graham Sutherland. “It complements our existing regional operations and supports our strategy to grow our adjacent services.”
The financial terms of the deal were not disclosed in the RNS statement.