Who Owns Firstgroup Company?

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Who Owns FirstGroup?

Understanding FirstGroup's ownership is key to grasping its strategy and influence in public transport. The 2022 takeover bid by I Squared Capital highlighted this importance.

FirstGroup plc, a major public transport operator, was formed in 1995. Its operations span bus and rail networks, connecting communities across the UK and Ireland.

Who owns FirstGroup plc?

FirstGroup plc is a publicly traded company, meaning its ownership is distributed among various shareholders. As of July 2025, its market capitalization stands at approximately £1.22 billion. In 2024, the company reported revenues of £4,715.1 million and an operating income of £46.5 million, with a workforce of 29,339 employees. The ownership landscape typically includes institutional investors, mutual funds, index funds, and individual shareholders. Analyzing the Firstgroup BCG Matrix can offer insights into its product portfolio's market share and growth potential.

FirstGroup plc's journey began with the deregulation of the UK bus sector in the 1980s. The company officially formed on April 1, 1995, through the strategic merger of Badgerline Holdings and GRT Bus Group. This consolidation brought together key figures and existing ownership interests from both entities.

Origins in Deregulation

The company's formation was a direct result of the UK's bus service deregulation in the 1980s. This period allowed for private operators to emerge and expand.

Merger of Key Operators

FirstGroup plc was established through the merger of Badgerline Holdings and GRT Bus Group. These were two significant private bus operators at the time.

Founding Figures

Moir Lockhead, who led the privatization of Grampian Regional Transport, and Trevor Smallwood, instrumental in Badgerline, were key figures. Their leadership shaped the early direction of the company.

Grampian Regional Transport Privatization

Grampian Regional Transport was the first Scottish local authority bus fleet to undergo privatization. This occurred in 1989 through an employee and management buyout.

Public Listings

Before the merger, Badgerline Group plc was listed on the London Stock Exchange in 1993. GRT followed in 1994 with a valuation of £57 million.

Initial Ownership Structure

The primary shareholders of the newly formed entity were the existing shareholders of Badgerline Holdings and GRT Bus Group. This consolidated their stakes in the combined company.

The early ownership of FirstGroup plc was primarily held by the shareholders of the two merging companies, Badgerline Holdings and GRT Bus Group. This consolidation laid the groundwork for the company's aggressive growth strategy, which heavily relied on acquisitions of former council-owned bus operations. The foundational agreements and the combined vision of these early stakeholders were critical in establishing FirstGroup's initial control and direction, setting a precedent for its future expansion. Understanding who owns Firstgroup today involves looking at its status as a publicly traded entity, where ownership is distributed among institutional investors and individual shareholders. For a deeper dive into its history, you can explore the Brief History of Firstgroup.

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The ownership structure of FirstGroup plc has evolved significantly since its 1995 IPO, with its shares held by a broad base of institutional and individual investors. As of July 28, 2025, the company's market capitalization was approximately £1.22 billion, reflecting its position as a publicly traded entity on the London Stock Exchange.

Major institutional shareholders, as of July 2025, include Schroder Investment Management Ltd. with a 10.8% stake, Threadneedle Asset Management Ltd., and Liontrust Portfolio Management Ltd. These significant shareholdings underscore the confidence of large investment firms in FirstGroup's strategic direction and financial performance. Understanding who owns Firstgroup is key to grasping its operational and strategic trajectory.

Key Ownership Shifts

Significant divestments have reshaped FirstGroup's ownership and operational focus. These strategic moves have aimed to streamline the business and reduce financial liabilities.

• In April 2021, FirstGroup divested its North American First Student and First Transit businesses to EQT Infrastructure for £3.3 billion.
• This sale de-risked the company's balance sheet and helped reduce pension liabilities.
• A £146.9 million one-off settlement in FY 2025 from ending participation in local government pension schemes also impacted its financial standing.
• These actions have positioned FirstGroup to concentrate on its UK bus and rail operations, clarifying its Competitors Landscape of Firstgroup.

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The Board of Directors at FirstGroup plc is responsible for the company's strategic direction and governance. As of February 1, 2025, Lena Wilson CBE leads the board as Chair, with Graham Sutherland serving as Chief Executive Officer since May 2022 and Ryan Mangold as Chief Financial Officer since May 2019. The board is comprised of experienced individuals, including several Independent Non-Executive Directors, contributing to a robust oversight structure.

FirstGroup plc's voting power is distributed based on its ordinary shares, with each share carrying one vote. As of July 31, 2025, the company had 750,695,015 ordinary shares issued. However, a significant portion, specifically 179,914,314 shares, were held in treasury and therefore did not possess voting rights. This leaves a total of 570,780,701 voting rights available to shareholders. Shareholder approval at the 2025 Annual General Meeting was overwhelmingly in favor of board proposals, with resolutions passing by margins between 96.35% and 99.99%, indicating strong support for the company's leadership and direction.

Understanding Firstgroup Ownership and Voting

The ownership structure of FirstGroup plc is based on a one-share-one-vote principle. Understanding this is key to grasping who owns Firstgroup and how decisions are made.

• Total ordinary shares as of July 31, 2025: 750,695,015
• Shares held in treasury (no voting rights): 179,914,314
• Total voting rights: 570,780,701
• Recent shareholder approval rates for resolutions: 96.35% to 99.99%
• Learn more about the company's strategic direction in our article on the Growth Strategy of Firstgroup.

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Over the past three to five years, FirstGroup plc has seen significant shifts in its ownership trends, driven by strategic capital returns and acquisitions. The company has actively engaged in share buybacks and increased dividend payouts, reflecting a commitment to enhancing shareholder value and managing its capital structure effectively.

FirstGroup's strategic direction has also involved targeted acquisitions to bolster its market position. The acquisition of RATP London in February 2025 for £90 million significantly expanded its presence in the London bus market, while the subsequent purchase of Tetley's Motor Services Limited on July 27, 2025, further solidified its operational footprint in West Yorkshire. These moves are designed to drive future revenue growth and operational synergies.

Shareholder Returns

FirstGroup returned approximately £92 million to shareholders in FY 2025 through buybacks. An additional £50 million buyback program was announced in June 2025.

Strategic Acquisitions

The company acquired RATP London for £90 million in February 2025 and Tetley's Motor Services Limited in July 2025.

ESG Focus and Operational Efficiency

FirstGroup invested approximately £88 million in First Bus for electrification in FY 2025. The company aims for annualised cost savings of at least £15 million in the first half of FY 2026.

Market Position and Future Outlook

The acquisitions are expected to enhance revenue and efficiency. FirstGroup anticipates maintaining its adjusted earnings per share in FY 2026, indicating a stable financial outlook.

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