LONDON (ShareCast) - (Sharecast News) - FirstGroup said on Tuesday that it has bought Matthews Coach Hire, an independent, family-owned coach and bus operator in Ireland, for an undisclosed sum.
Founded in 1995, Matthews has a fleet of more than 40 vehicles that includes two newly-acquired electric coaches the business. It is built around the operation of six licensed, commercial routes between two key and rapidly growing commuter towns, Drogheda and Dundalk, to the northeast of Dublin.

The acquisition includes the operator's freehold depot, located between Dublin and Belfast.

For the 12 months to August 2023, Matthews reported revenues of €8.8m and earnings before interest and tax of €1.2m.

FirstGroup said the acquisition complements its Aircoach business, provides increased access to the non-airport commuter market in Ireland, widens its stakeholder network and gives the group the opportunity to diversify into local B2B markets.

Chief executive Graham Sutherland said: "The acquisition of Matthews Coach Hire, an established, profitable business builds on our recent strategic acquisitions in First Bus.

"It will complement our existing operations and allow us to expand our presence in the non-airport commuter and B2B markets in Ireland and we look forward to taking the business forward."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE