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 :

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. 



from Taxi Leaks http://bit.ly/2UQpdxS
via IFTTT Editorial February 10, 2019 at 01:30PM Addison Lee For Sale Off The Shelf For £390m, But Don't Forget, All Their Drivers Are Employees! http://bit.ly/UJT069 Call 01908 263263 for airport taxi service Milton Keynes Area

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