02 June 2015/Categories: CILT, Industry News, Aviation
Rotala, a Birmingham-based transport operator, has acquired Wings and its complete vehicle fleet for a cash consideration of £1.5m. The London-based luxury coach company’s 17-strong vehicle fleet was valued at £1.1m and Rotala will not assume any other assets or liabilities of any materiality. Wings, which has around 20 staff, will transfer to Rotala’s existing depot at Heathrow Airport. Following the recent end of the Company’s long-standing contract with British Airways, there is ample capacity at this depot to absorb the Wings fleet and personnel. On this basis the acquisition is expected to generate about £400k of positive goodwill on consolidation. In the year ended 30 November 2014, the Wings business had revenues of approximately £1.9m and a profit before tax and exceptional items of £90k.
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