London-based minicab firm Addison Lee’s owners have begun exploring a potential sale of the company, four years after taking control. According to sources, investment bank Jefferies has been hired by the majority shareholder, Cheyne Capital, to gauge interest in a takeover. It is understood that the process is still in its early stages and may not result in a transaction.
The valuation of Addison Lee in any potential deal is currently unknown. The company, which provides transportation for approximately seven million passengers in London every year, was acquired by Cheyne Capital’s Strategic Value Credit arm and Liam Griffin, son of founder John Griffin, in 2020. This purchase followed a battle for ownership involving Addison Lee’s group of lenders.
John Griffin established the business in 1975, and it quickly became a well-known presence on London’s streets. However, his son Liam has recently stated in an interview that changes in post-pandemic working patterns have contributed to a decline in revenues in the capital. Addison Lee faces competition from ride-hailing apps like Uber, as well as the traditional black cabs of London.
A spokesperson for Addison Lee declined to comment on the potential sale. This news comes amid reports of other significant developments in the UK, including the election latest and the launch of a new free streaming service. Stay tuned to Sky News for further updates on this story and other breaking news.