McGills

[KMN-221-U]

RE: McGills

Quote:Firm rules out £100m McGill’s bid
Published: 15 Jan 2014 13:30

A MAJOR bus company has ruled itself out of the running for a £100 million-rated Greenock firm.


‘NO BID’: McGill’s have over 350 vehicles.


Bosses at the Go-Ahead Group say they are not interested in buying McGill’s Buses, which is said to have been the subject of two recent bids in the region of £80m.

In December, the Tele revealed how two substantial offers had been made for the Larkfield-based operation, with Go-Ahead believed to be one of the suitors.

Brothers James and Sandy Easdale, the Greenock businessmen who own the company, were said to have knocked back the approaches because they want nearer £100m for the company.

Bosses at London-based Go-Ahead today said they were not interested in McGill’s.

A spokeswoman for the company said: “Go-Ahead has not put in any bid for this company.”

The Easdales took over McGill’s in 2001 and the company boasts a fleet of more than 350 vehicles.

It employs over 700 people across its operations in Inverclyde, Inchinnan, Johnstone, Dumbarton and Barrhead.

McGill’s moved back into the black last year, posting a profit of £659,404 compared with a loss of more than £550,000 the year before.

Turnover almost doubled from £15m to £28m following the takeover of rival Arriva Scotland West in 2012.

The Easdale brothers also have significant other business interests in Inverclyde and beyond including Blairs Windows, taxi firms and private and commercial property.

The duo own shares in Rangers FC and both are directors at Ibrox, with Sandy Easdale chairman of the club’s football board.

He owns a stake of just over 4.5 per cent in the club and holds voting rights over around a quarter of Rangers shares.

The brothers recently had online Rangers fans’ forum Sons of Struth shut down after alleged offensive comments and threats were posted about them.