McGill's hints at float as bus firm bolsters boardroom
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David Martin, who recently retired as chief executive of public transport group Arriva, has joined McGill’s as a non-executive director.
• READ MORE: McGill’s Buses drives profits and turnover higher
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Hide AdWelcoming the appointment, chairman James Easdale said as well as bringing expertise on acquisitions, Martin’s “experience of managing flotations will also prove to be invaluable”.
Although the Greenock-based company would not be drawn further on the comment, it is likely to be seen as suggesting that it may be exploring a stock market listing.
Martin oversaw the expansion of Arriva across Europe and its growth into a £3.3 billion turnover business. He also facilitated its acquisition by Deutsche Bahn in 2010.
Ralph Roberts, managing director of McGill’s, said Martin was one of the leading figures in the transport industry.
“We are thrilled to have him as a non-executive director. He brings with him decades of experience and a vast expertise that will help us as we continue to expand.”
Martin, who stepped down from the Arriva board in December but continues to act as an adviser, said: “The Easdale brothers have built a fantastic transport company and it has enormous potential for further expansion. I am excited to be involved at this stage in their development.
“The quality of their product is quite exceptional in the bus industry and they are very advanced with their innovative thinking.”
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Hide AdLatest annual results from McGill’s showed the company accelerated profit and turnover despite challenges including bad weather denting passenger numbers.
Pre-tax profit grew 12.5 per cent to £3.6 million for the year ending 27 December 2015 while sales jumped £3m to £38.3m.
McGill’s is owned by Arranglen, the investment vehicle of the Easdale family. Arranglen and its subsidiary companies now have a turnover of close to £100m.
Its interests include manufacturing of windows and glass, office properties, land investments, the Saveheat Group and vehicle fleet lease and repair companies.