Sunday, February 10, 2019

Addison Lee For Sale Off The Shelf For £390m, But Don't Forget, All Their Drivers Are Employees!


Carlyle Group is eyeing the possible sale of Addison Lee Group in a deal that could value the London-based taxi company at around £390m, according to a reliable source.

The buyout group has appointed bankers from Bank of America Merrill Lynch to handle the process, which is likely to start later in 2019 when there may be more clarity about the UK’s planned departure from the European Union, the people added.

Founded in 1975 by entrepreneur John Griffin, Addison Lee has a fleet of roughly 5,000 Private Hire Vans and cars and serves more than 10 million customers a year in London alone.

Since Carlyle bought the business in a £300m deal in 2013, Addison Lee has had to stave off competition from disruptive new entrants like Uber by investing heavily in new technology and planning an aggressive expansion.

The minicab operator, which announced plans to take on Uber in New York in 2015, splashed out around £30m on a deal to buy chauffeur company Tristar Worldwide, which Addison Lee said created Europe’s largest private-hire business and gave it a foothold in the US.

In October 2018, Addison Lee announced a tie-up with Oxbotica, a British company that develops software that is used in self-driving cars. The alliance aims to introduce self-driving cars to London within two years and gain a slice of a market predicted to be worth £28bn by 2035, Addison Lee said.

Carlyle has considered selling the asset before, attracting interest from private equity players and strategic buyers who are expected to participate in a process scheduled for later in 2019. 

TAXI LEAKS EXTRA BIT :

Standards have definitely dropped at Addison Lee since John Griffin sold out to the Carlyle Group. Drivers always used to wear suits, shirts and ties. They now look more like mannequins from sports direct

One good thing about driverless Private Hire cars is that the statists of Rape and sexual assault from drivers on vulnerable lady passengers, will finally drop. 

The news that 13,000 Private Hire drivers had slipped through the net with fake criminal record checks was not only swept under the carpet by main stream media, but by regulator TfL. 

3 comments:

Anonymous said...

Get a bank loan £390m buy Addison Lee run it into the ground skim off £10m m then go bankrupt.
The Eton way.
Then become a politician.
Fully qualified.

Anonymous said...

Word has it com cab have made an offer and a good one at that

Anonymous said...

A story On Page 11 of Mondays 11th February Evening Standard I read about the sad death of Cadet a musical rapper AKA Blaine Cameron Johnson aged 28 fron Gypsy hill South London.

I make noted comment of this death because of a lack of clarity on detailed facts that appear to be missing and as I cannot find any other media source through out the many other online listings other than he was killed on route to keele University in Staffordshire on early Saturday morning for a gig He was travelling in a Taxi.... A toyota Prius.

If He was travelling from home as sugggested, He clearly was not travellng in a "Taxi" which is the usual blurred discription used by the media, I therefore would be correct in guessing he was likely travelling in a PCO licensed and registered private hire vehicle and maybe an Uber at that.

If anyone knows how to get the facts I would be grateful.

be lucky

greenbadgejohn (on twitter)