Go-Ahead is pleased to announce the acquisition of Meteor Parking Limited ("Meteor"), a leading UK airport car park operator, for a total consideration of £16 million, payable in cash and funded from Go-Ahead's existing facilities.
Meteor operates on behalf of BAA in excess of 41,000 car park spaces at Heathrow, Stansted, Edinburgh and Southampton airports and associated bus services to and from terminals. It also manages around 6,000 spaces at a number of London Underground and local authority locations in the South East as well as at shopping centres and hospitals. Meteor was founded in 1992 and does the existing management team who will remain with the business following the acquisition own part. In the year ended 31 December 2001, Meteor generated operating profit of £1.3 million on turnover of approximately £57 million. Meteor's audited net assets as at 31 December 2001 were approximately £2.9 million.
The acquisition of Meteor will strengthen Go-Ahead's position in the UK transport market. It provides the management expertise to exploit car park related growth opportunities in its existing transport activities, especially rail. Go-Ahead already has responsibility for approximately 124 rail station car parks with 19,000 car park spaces generating over £8 million income per annum through its existing Thameslink, Thames Trains and South Central commuter rail franchises as well as park and ride sites through its bus operations.
Martin Ballinger, Group Chief Executive of Go-Ahead, said:
"Go-Ahead has always advocated effective integration between transport modes. Car parking is an essential component of the overall integrated transport service whether with bus, train or plane. This acquisition will provide us with new capabilities in the car parking market and enable us to pursue additional opportunities in our bus, rail and aviation services businesses."
