Our Bristol based corporate finance team at has advised the shareholders of East Yorkshire Motor Services (EYMS) on its disposal to Go North East, part of the international transport organisation Go-Ahead Group plc.
Established in 1926 and owned and operated for the last three decades by the Shipp family, EYMS transports over 17 million passengers annually and employs 700 people. It runs over 300 buses and coaches throughout Hull, the East Riding and the North Yorkshire Coast and was subject of the Channel Five documentary ‘On the Yorkshire Buses’.
Go-Ahead is one of the UK’s leading public transport providers, generating around £3.5 billion turnover from more than a billion bus and rail journeys each year.
The team was led by Philip Moody and Matthew Pearson.
Peter Shipp, owner and chairman of EYMS, said: “After 56 years in the bus industry and 38 years with EYMS, selling the business that has been such a big part of my life was a major decision.
“The combination of experience and sector knowledge that the Smith & Williamson team bought to the project was invaluable. They led the project from start to finish in a highly professional manner and were an absolute pleasure to work with.”
Matthew Pearson, partner of Smith & Williamson LLP, commented:
“We have a long history of working with the Shipp family and were delighted to be able to structure a transaction that will see EYMS continue to thrive long into the future”.
Legal advice to the vendors was provided by a team from Osborne Clarke, led by Simon Spooner, a partner in the firm’s corporate team and head of its international transport and automotive sector.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of publication.
Notes to editors
Smith & Williamson is an independently owned professional and financial services group with over 1,700 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group has twelve offices; these are in London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.