FirstGroup has continued its acquisition of independent coach operators with the purchase of Irish business Matthews Coach Hire, which is based near Dundalk in County Monaghan.
Matthews reported revenues of €8.8 million and EBIT of €1.2 million in the year to August 2023. The deal brings over 40 vehicles, including two recently purchased battery-electric coaches. Core to the operator are six licensed commercial routes between Dublin and the towns of Drogheda and Dundalk. Included is the operator’s freehold depot in Callenberg.
FirstGroup says the acquisition complements its existing Aircoach business in Ireland and “provides increased access to the non-airport commuter market” in the country. Aircoach purchased Londonderry-based airport minicoach specialist Airporter in 2022.
As with some previous coach operator acquisitions in the UK, the deal for Matthews is highlighted by FirstGroup as giving opportunity to diversify into local B2B markets, as well as widening the group’s stakeholder network in Ireland.
Matthews was founded in 1995 by Paddy and Mary Matthews and has won multiple awards. It holds ISO 9001, ISO 45001 and ISO 50001 accreditations for quality management, occupational health and safety management, and energy management, respectively.
Mr Matthews – a former HGV driver – was recognised with the Lifetime Award for contribution to Louth at the Dundalk Chambers Louth Business Awards in 2022.
Members of the Matthews management team will remain with the business to lead day-to-day operations. Oversight will be provided by Aircoach Managing Director Kim Swan and the wider First Bus leadership team.
Speaking about the purchase, FirstGroup Chief Executive Graham Sutherland says: “The acquisition of Matthews Coach Hire, an established, profitable business, builds on our recent strategic acquisitions in First Bus.
“It will complement our existing operations and allow us to expand our presence in the non-airport commuter and B2B markets in Ireland, and we look forward to taking the business forward.”
