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The Go-Ahead Group Plc has acquired the assets of East Thames Buses from Transport for London (TfL) for £5 million in cash.

East Thames Buses has around 460 employees and has operated bus services in Southeast London for nine years. All contracts with TfL will be renewed for five years from the date of completion, with a two-year option for extension. The annual turnover of the business is £24 million.

TfL anticipates that the operation of East Thames Buses' contracts by Go-Ahead will save it over £30 million over a nine year period owing to lower operating costs and the sale of its assets.

In the six months ending December 2008, Go-Ahead reported an increase in revenue of 19 per cent to £1.2 billion and pre-tax profits up one per cent to £58.9 million.

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