Rotala has announced that it has acquired Uxbridge-based Wings Luxury Travel Limited.
The whole business, Wings brand and complete vehicle fleet of 17 vehicles were acquired for a cash consideration of £1.5m. Rotala said the vehicle fleet has a fair value of £1.1m and it would not be assuming any other assets or liabilities of any materiality.
Rotala said it expects the acquisition to generate £0.4m of positive goodwill on consolidation. In the year ended November 30, 2014, Wings had revenues of around £1.9m and a profit before tax and exceptional items of £90,000.
Rotala said the acquisition would not have a material impact on earnings for the current financial year and the integration of operations and overheads should be fully implemented by the end of the year. The operator expects the acquisition of Wings to have a beneficial effect on earnings in future years.
Wings is an established coach operator in the London Area which Rotala said has an excellent business reputation. It has a 17-strong highly-specialised fleet which will transfer to Rotala along with key operating management and about 20 staff. They will move to Rotala’s existing depot at Heathrow Airport.
Following the end of a long-standing contract with British Airways, Rotala said there is ample capacity at the depot to absorb the Wings fleet and personnel.
