Thursday, January 05, 2017

MINICAB Company Addison Lee To Take Over US Rival Flyte Tyme In Battle With Uber.

Addison Lee has bought US rival Flyte Tyme to try to keep pace with Uber.

The private equity-owned minicab company said the move would bolster global sales to nearly £400m and cement its position as one of the world’s biggest private hire operator.

Flyte Tyme is based in New Jersey and has a turnover of £53m, with 525 staff and 375 drivers.

The move comes after Addison Lee boosted its global footprint in June last year by buying Tristar Worldwide, which has operations in 80 countries.

The global market has undergone a radical shake-up following the rise of Uber’s smartphone app, which has driven down minicab fares, but come under fire from traditional taxi drivers.

Andy Boland, chief executive of Addison Lee, said the Flyte Tyme deal was an important moment for the private hire industry. 

The tie-up will hand Addison Lee – which is owned by US private equity firm The Carlyle Group – a US fleet of 17,400 cars through 'affiliate partners'. 

They hope it will boost annual US revenues to more than £82m per year.