Go-Ahead to drive off with valet group

Published on Friday 11 June 2004 12:33

GO-AHEAD has bought airport valet firm Chauffeured Parking Service for £1.2 million.

CPS runs valet parking services at Heathrow, Gatwick, Manchester and Birmingham airports, allowing customers to drive straight up to the terminal and have their cars parked for them. Their vehicle is brought back to them at the terminal when they return.

The company also provides services such as car cleaning and transfer to other airports.

BAA recently granted CPS an exclusive five-year concession for all terminals at Heathrow Airport.

Go-Ahead has bought CPS through its subsidiary Meteor Parking, which manages

more than 41,000 car parking spaces at Heathrow, Stansted, Edinburgh and Southampton airports under the Pink Elephant Parking brand name.

Meteor also recently negotiated an exclusive contract at Newcastle Airport.

Some 500,000 of the purchase price for CPS is payable in cash and 700,000 is satisfied by loan notes.

In the year to September 30, 2003 CPS generated a marginal profit on turnover of 2.175m.