South West bus operator First has taken full control of the private coach company that transports workers to and from Hinkley Point C power station.
First Bus acquired the remaining shareholding in Somerset Passenger Solutions (SPS) - a joint venture that started in 2016 with 50/50 ownership between First Bus and Somerset-based JJP Holdings (JJPH).
The terms of the transaction were not disclosed.
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SPS, which has annual revenue of around £37m, employs around 450 people and runs a 156 vehicle-strong operation, delivering shuttle services seven days a week to and from the Bridgwater plant.
Jonathan Jones-Pratt, managing director at JJPH, won an initial contract at the site almost 10 years ago with his company Crosville Motor Services, then running just a handful of minibuses as work got under way.
He said: “To see what’s been achieved at Hinkley Point C is remarkable and I am immensely proud that the business I started has been taken to new levels thanks to the joint venture with First Bus, and has played a key role in enabling many, many workers get to and from the site safely and efficiently.”
Mr Jones-Pratt said he felt it was the “right time” to complete the sale and step back from the SPS business in order to hand the reins to First Bus.
“I see this as a significant milestone which will support the delivery of many benefits to JJPH," he added.
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"This deal will provide the group with the funds to continue our wider visions in business development and re-focus group strategic direction.”
Joe Thompson, portfolio managing director at First Bus, said the rise of SPS over the last five years was “extraordinary”.
“The operation has had a positive impact on the number of cars that would otherwise be on the roads and has thereby contributed to a reduction in overall carbon emissions and air quality in the area,” he said.
According to Mr Thompson, buying up the remaining 50% of SPS shares is part of a wider strategy at First Bus to develop and grow its offering in business-to-business services.
“We’re excited about the future and continuing to ensure the safe, sustainable and efficient transport for Hinkley Point C workers," he added.
"We look forward to leading SPS to further growth and success."
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