TOOTBUS acquired by FIRSTGROUP

FirstGroup acquired the UK sightseeing bus operations of RATP Développement on 11 December 2025, at an enterprise value of £17m, an EV/revenue multiple of 1.1x on revenue of £5–25M. The deal covered the Tootbus-branded businesses in London and Bath, and followed the group’s purchase of RATP Dev’s London red bus operations earlier in 2025. The perimeter included 63 buses, 42 in London and 21 in Bath, a freehold depot in Wandsworth, south-west London, a leased depot in Keynsham, near Bath, and around 190 employees. FirstGroup financed the purchase from its existing cash reserves. Beyond diversifying its activities in London and Bath, the group expected cost and operational savings from the additional depots, and planned to bid for further Transport for London red bus routes from the Wandsworth site. Bill Cahill, managing director of First Bus London, and Doug Claringbold, managing director of First Bus West of England, were to oversee the integration of the businesses, which were expected to make a small loss in their first full year before turning profitable.

By taking control of Tootbus, Firstgroup continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Ratp Dev Transit London in 2024.