Go-Ahead offers £20m for Plymouth CityBus

23rd Nov 2009 10:23

Bus group Go-Ahead confirmed that it has offered to buy Plymouth CityBus (PCB) from Plymouth City Council for an enterprise value of £20m in cash.Today's news follows the announcement on 12 November that Go-Ahead had been selected as preferred bidder for the business. Completion is subject to full council approval, which is expected at the end of this month. PCB operates a fleet of 173 buses and 11 coaches from a large freehold depot in the centre of Plymouth, carrying around 14 million passengers each year across a wide network in and around the city. For the financial year ended 31 March 2009, the revenue for PCB was £17.6m and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) was £2.5m.