FIRSTGROUP has said its wholly-owned subsidiary, First South West Limited, has acquired the remaining 50 per cent shareholding in its Somerset Passenger Solutions joint venture.

The shares have been acquired from JJP Holdings (South West) Ltd, giving FirstGroup control over the business going forward in a deal worth £8.4 million, with potential deferred consideration of up to £1.6m.

SPS, which started in 2016 operates the contract to provide transport for workers employed at the Hinkley Point C nuclear power station near Bridgwater.

The Herald: Herald Newsletter daily banner

The company has grown to employ around 450 people running a 156 vehicle-strong operation, delivering shuttle services seven days a week to and from Hinkley Point C. It has annual revenues of £37m.

The gross assets of SPS were £9.62m, and the profits attributable to it were £3.95m, as at 31 December 2020.

FirstGroup said he purchase “forms part of the First Bus strategy to develop and grow its share of the business-to-business services market”.

FirstGroup shares closed down 2.72% or 2.45p, at 87.55p.