O'Sullivan to net €7m in Aircoach sale

Aircoach founder John O’Sullivan is to make €7m in his sale of the private airport shuttle bus company to British bus and rail company FirstGroup.

FirstGroup, which is the biggest bus company in Britain, is paying €15m for 90% of the bus firm. O'Sullivan will retain 10% of the firm and remain on as managing director.

The deal is worth €15m, with the balance of the money being used to pay off the debts of Last Passive, the company behind Aircoach.

There are three shareholders in Aircoach - O'Sullivan, his wife Ann and finance officer Mary Leane. O'Sullivan and his wife own 90% of the equity and are to be the main beneficiaries of the sale.