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Arriva acquires MK Metro in £5.6m deal

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ARRIVA has acquired Premier Bus, the holding company of MK Metro, for a net cash consideration total of £5.6million.

The consideration costs consists of £6.8million for shares in Premier Bus, less inherited cash in the company of £1.2million.

MK Metro operates commercial and tendered services in Milton Keynes, Bedfordshire and Northamptonshire. The company has 260 employees, 120 vehicles, and in 2005, reported an annual turnover of £8.6million.

Managing director of Arriva UK Regions, Mike Cooper says: "This acquisition gives Arriva a good opportunity to expand its presence in the south of England. Milton Keynes' population is set to expand over the next five years, giving us strong growth prospects."

MK Metro will operate as a separate unit in Milton Keynes under the management of Arriva the Shires and Essex, whose head offices are based in Luton.

Keith Spicer, managing director of Arriva the Shires and Essex, has confirmed that Keith Heywood will remain as general manager of MK Metro.


www.arriva.co.uk



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