Billionaire Brothers’ Bus Company Profits More Than Double
A Scottish bus company owned by two billionaire brothers has posted operating profits that have more than doubled.
The operator of the “largest independent bus firm in the UK” also reported a significant rise in turnover, which it said was partly down to acquiring rival businesses.
Greenock-based McGill’s Bus Service June results published at Companies House cover a “wide and diverse portfolio”.
The firm, owned by former Rangers directors Sandy and James Easdale, said: “McGill’s Bus Group is Britain’s largest independently owned bus company and a pioneer in fleet decarbonisation, with over 110 zero emission electric buses.
“Our wide and diverse portfolio includes local, city, rural and interurban quality bus services across Scotland under the McGill’s, Midland Bluebird, Xplore Dundee and BrightBus brands, as well as open-top hop on and hop off tours, airport connections, expansive coach touring and private hire.
“We are also a key strategic partner to global intercity coach brand Flixbus across the UK.”
The new results cover the period from January 2, 2023 to December 31, 2023.
It said turnover increased from £57.6 million to £91.2m “due to the full year impact of the business in Stirlingshire and the Lothians acquired through the acquisitions from First Group Plc”.
McGill’s also said: “These businesses have added substantially to group revenue, fleet size and headcount and following a period of integration will contribute to future profitability.
“Operating profit increased from £720,000 to £1.88m.”
However, the firm also said: "Business recovery continued to be impacted by a slower than expected recovery from the economic impacts of the Covid-19 pandemic while passenger volumes continued to be impacted by consequent changing customer travel patterns and recreational activity.”
It continued: “The group prides itself on high-level customer service and invests heavily in new vehicles, people, skills and development. We have in-house driver training academies in Johnstone, Dundee and Falkirk and we work with the Prince's Trust on the 'Get Into Bus Engineering' scheme, to allow younger workers an opportunity to become engineers with McGill's.
“In 2022, McGill’s Bus Group was named Public Transport Operator of the Year at the Scottish Transport Awards and was first runner-up in 2023. The company was awarded one Gold and three Silver accolades at UK Bus Awards in 2023.”
This article appeared in the Herald.