Yes Group eyes Europe expansion via UK hub
KUALA LUMPUR: Yes Group Management Bhd is eyeing higher returns from Europe's ground transportation market through plans to buy commercial vehicles and establish a UK operating base.
Yes Group Management Bhd is exploring Europe's ground transportation market by planning to buy commercial vehicles and set up a UK operating base, according to managing director Angela Mak Shau Kwan. The UK will act as a strategic hub, allowing the group to supply vehicles to key Western European destinations such as Paris, London, Italy, and Amsterdam.
A 16-to-21-seater Sprinter coach, for example, would cost between £110,000 and £140,000 and generate rental income potential higher than similar investments in Malaysia. By establishing their own office in the UK, the group aims to reduce costs charged by local third-party providers, which currently charge margins of 8-10 percent.
The group will primarily target Western Europe, but may consider Eastern Europe due to cheaper rental rates. Despite rising oil prices, the group will pass additional costs onto corporate clients. Demand for their MICE business continues to grow, driven by Malaysia's expanding industry, with the value projected to nearly triple from RM6 billion in 2022 to around RM18 billion in 2025.
The group is also planning to establish a training academy to provide customised incentive travel experiences, targeting a break-even point of 100 students annually. Yes Group, which has been operating since 2008, focuses on customised corporate incentive travel and event planning for multinational corporations.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
